(MENAFN- Muscat Daily) Muscat- The board of directors of Al Raffd Fund held its third meeting for 2017 in Khasab, Musandam governorate.
The meeting was chaired by H E Dr Ali bin Masood al Sunaidy, Minister of Commerce and Industry and the chairman of the Al Raffd Fund, for follow up on the fund's activities up to September 2017, according to a press release.
The board meeting in Musandam comes within the framework of providing more support to the projects, especially in term of funding procedures and conditions.
The board reviewed the approved loans for the beneficiaries in Musandam and directed the executive management to encourage and increase the number of loans awarded to the people of Musandam.
In addition to the beneficiaries from the loans having their projects in Musandam, there are certain people from Musandam who have obtained funding to start their production and service projects in Muscat.
The executive management was directed to perform a comprehensive survey for the business opportunities, and promote it within Musandam, to increase the awareness of the importance of entrepreneurship, and to encourage the people of Musandam to benefit from the fund's loans.
The board also reviewed certain conditions and adopted a package of incentives to increase the number of entrepreneurs benefitting from Al Raffd Fund loans.
It also reviewed the lending activities throughout the Omani governorates, whereas the fund provided 1,860 loans valued at more than RO73mn till the end of September 2017 covering various economic sectors, and provided 3,250 employment opportunities for Omanis. The rate of repayment was 79.8 per cent, according to the data of Oman Development Bank at the end of September.
The board reiterated its effort to continue supporting the entrepreneurs benefitting from the fund in various governorates, especially for the value added projects in promising sectors, which contribute to the development and diversification of the Omani economy.
The Fund's board also directed to continue the efforts to monitor and support the beneficiary entrepreneurs to ensure the continuation of their projects, preserve the created employment opportunities and ensure the repayment of their loan installments on time, by increasing the field visits, consultation and promoting their products and services throughout various media.
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