New regulations issued for SME financing

MUSCAT: Qais Mohammed al Yousef, Minister of Commerce, Industry and Investment Promotion, has a Ministerial Decision regulating the financing of small and medium enterprises (SMEs) and artisans. Decision 19/2022 provides a nurturing environment for the growth and development of businesses. Its 23 articles delineate the respective roles of the two overarching bodies, namely the Authority for Small and Medium Enterprises Development (ASMED) and Oman Development Bank (ODB), in enabling this growth. It also sets out the terms and conditions that an applicant (be it an SME or artisan) should meet to be entitled for financing. — ONA