Pact inked to support SMEs

Pact inked to support SMEs

Muscat – Oman Investment Authority (OIA) signed a Memorandum of Cooperation (MoC) with the SMEs Development Authority as part of the efforts made by OIA and its entities to enhance the local content and In-country Value (ICV).

Under this cooperation program, a financing scheme will be launched and managed by the SMEs Development Authority.

It is directed to SMEs that are awarded contracts (tenders, procurements, or business opportunities) by OIA’s entities, whereby they are funded by 80% (i.e. a maximum of OMR 250,000) of the contract/tender’s value.

To ensure the effectiveness of the financing program, the SMEs Development Authority has established certain criteria for submitting funding applications. These include successfully completing the Entrepreneur Readiness Program, an intensive training initiative designed to develop technical and entrepreneurial skills necessary to adapt to the rapidly changing entrepreneurial landscape. The program also aims to enhance technical and technological practices that contribute to the long-term viability of projects, including project establishment, development, and crisis management.

H E Halima al Zari, Chairperson of the SMEs Development Authority, said, “This agreement is a valuable opportunity to strengthen our strategic partnership with OIA and to continue providing incentives and facilities to SMEs through ICV programs through contracts, tenders, and business opportunities by