(MENAFN - Muscat Daily) A committee is being set up with the help of Ministry of Commerce and Industry (MoCI) to follow up on the Royal Directives issued at the recent SME symposium in Bahla.
Speaking to reporters at the 5th SME Exhibition and Conference on Monday, H E Dr Rasheed bin Alsafi bin Khamis al Huraibi, chairman of the Tender Board, said that a panel, comprising ministries, the Information Technology Authority and banks such as the National Bank of Oman, is being established to follow up on decisions taken at the symposium. ''The government is working on regulations to be in place within the time frame proposed at the SME symposium.
Now we have all the ministries involved in giving instructions to do whatever is required, according to decisions arrived at the symposium. We are setting up the committee with the help of the MoCI and other ministries,'' Dr Huraibi added. On the capital and funding for SMEs, Dr Huraibi said, ''Five per cent of any bank's total loan book will have to be set apart for SMEs, as per the Royal Directives. The Tender Board already gives ten per cent of its total loans to SMEs.''<