Kuwait urged to set up $414m fund to help SMEs survive coronavirus crisis

Kuwait urged to set up $414m fund to help SMEs survive coronavirus crisis

The Kuwait Economic Society (KESOC) has called for the establishment of a KD125 million ($414 million) fund to help small and medium enterprises weather Covid-19 related lockdowns.

The document, published on Kuwaitimpakt.com, presents the critical state of Kuwait's SMEs and proposes the establishment of a relief fund to cover rents and waive a range of government duties in an effort to resuscitate the sector.

To benefit from the grants, waivers and protections offered by the fund, which has already received the endorsement of Kuwait University's College of Business Administration Excellence Centre, participating businesses must commit to trade with other fund benefactors, share data, and join an online procurement platform.

Kuwait's Directorate General of Civil Aviation announces that the country's borders will close to non-Kuwaiti citizens for two weeks effective Sunday

The proposal calls on the government to set up a two-year special purpose vehicle (SPV), which disburses grants to companies entering the fund voluntarily.

Benefits of joining the fund include the reimbursement of 25 percent of the annual rental value for companies; exemption on all government fees for one-year; waiving registration fees for commercial vehicles/fleets for one year; waiving fees on employee transfer and renewal for one year; waiving utilities fees for one year and