Nat'l SMEs fund enters executive stage - Chairman

KUWAIT, Dec 27 (KUNA) -- The National Fund for Small and Medium Enterprises (SMEs) Development has entered a new stage after its issuance of its executive regulation, Chairman Mohammad Al-Zuhair said on Saturday.
The executive regulation is integral to the Fund's legislative structure as it explains in detail the means and mechanisms of enforcing the relevant law so that it can achieve its targets, Al-Zuhair told KUNA.
The SMEs field is a sophisticated one under its new definition and so the regulation was carefully prepared to guarantee that the law would be soundly implemented to realize the set goals, serving entrepreneurs and beneficiaries, he added.
The 42-item executive regulation defines the Fund's targets and domains, as well as the management mechanisms on the administrative, technical, financial and organizational levels, in line with law 98/2013.
It also specifies the powers of the Fund's board of directors, starting with setting the general policies and deciding on feasible initiatives and projects reaching to founding measures, in addition to protecting entrepreneurs' ideas, drawing up regulations to guarantee that the offered financing is proportional with the financial ability of the proposed project.
One of the major terms for a project according to the executive regulation is that costs must not exceed KD 500,000, Al-Zuhair said.
Over the past period, the Fund's board was busy over preparating its strategy for the coming five years, based on encouraging entrepreneurs and project owners. (end) fnk.msa