Amid ongoing economic reforms aimed at diversifying sources of income and boosting contribution of the private sector to the GDP, the regulatory authorities have recommended enhancing the role of the National Fund for the development of the Small and Medium Enterprises (SMEs).
A recent supervisory report outlined key steps to support and strengthen the Fund, including activating the Fund’s core departments and staffing them with qualified national technical cadres to achieve its objectives; ensuring project owners comply with regulations by auditing funded projects, verifying commercial licenses, and taking action against violations and tightening oversight of contracted companies to ensure accurate reporting and proper account management of funded projects, reports Al-Rai daily.
This in addition to developing mechanisms to assist distressed entrepreneurs and settle outstanding debts and establishing clear controls for external training programs, including candidate selection and board approval.
The SME sector serves as a key gateway for Kuwaiti youth to participate in the labor market, creating job opportunities and fostering a business-friendly environment. Law No. 98 of 2013 established the National Fund for SME Development to support youth, reduce unemployment, and empower the private sector to drive economic growth.
Since its inception, the Fund has financed 1,040 projects across various sectors — Commercial: 40%; Services: 40%; Industrial: 14%; Crafts: 4% and Agriculture: 2%
These initiatives underscore the Fund’s vital role in strengthening Kuwait’s private sector and supporting youth entrepreneurship.
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