Oman: Oman’s small and medium enterprises received a funding boost, with the authority tasked with their development lending over 24.6 million Omani rials ($63.9 million) as of February.

The total number of projects financed by the country’s Small and Medium Enterprises Development Authority reached 224 as of the end of last month, the Oman News Agency reported.

The sectors that came at the top of the funded projects were industrial, commercial and service, with a total of 161 projects financed. A total of 44 contract projects followed closely.

The contract financing program focuses on financing contracts, both tenders or purchases, so that the funding decision is issued based on the work award letter.

Capital financing ranked third, with a total of 29 projects. The capital financing program specializes in covering the daily needs of the organization’s operational expenses, such as the costs of purchasing raw materials, semi-manufactured goods, merchandise, warehouses, spare parts, salaries and wages and transportation expense.

The authority wants to ensure the continuity of the production process from purchasing raw materials to product sale.

The Muscat governorate provided the most funding, with the body financing 108 projects with a value exceeding 10 million rials.

Next was the Al-Batinah North, which financed 31 projects with a value exceeding 3 million rials, and then the Al-Batinah South governorate, which financed 19 projects with a total value exceeding 1 million rials.

Ninteen projects were also funded in the Dhofar and 15 projects in the Al-Sharaqiyah South.

Similarly, 18 projects received funding in the Al-Dhahirah while 13 projects were funded in Al-Dakhiliyah.

The funded projects were distributed among various financing programs offered by the authority, which include the “In-Country Value Program,” the “Industrial Projects Financing Program,” and the “Working Capital Financing Program.”