Muscat tops in ASMED funded projects

Muscat tops in ASMED funded projects

The Authority for Small and Medium Enterprises Development (ASMED) gave funds worth over RO 24 million to 244 projects through its lending portfolio Al Azm until the end of February.Industrial, commercial and service projects topped the list with 161 projects followed by contract projects with 44 projects as the programme specializes in financing contracts other than tenders or purchases, so that the financing decision is issued based on the work award letter from the awarding party.Working capital financing projects ranked third with 29 projects. The working capital financing programme covers the daily needs of the organization’s operational expenses such as the costs of purchasing raw materials and semi-manufactured goods or goods, stores, spare parts, salaries, transportation, and other costs to maintain the continuity of the production of goods until its sale.Rashid bin Mohammed al Saeedi, Director of the Finance Department, said: “The diverse and comprehensive financing programmes are aimed at supporting and stimulating growth and innovation. Governorate-wise, Muscat came first as the authority financed 108 projects worth over RO10 million followed by Al Batinah North with over RO3 million (31 projects) and Al Batinah South with over RO 1 million (19 projects).” In addition, 19 projects were funded in Dhofar,