Finance SMEs in Oman to get emergency fund loans By Pramod Kumar July 22, 2024, 8:13 AM Oman News Agency The loan repayment period will be capped at five years, starting from the end of the grace period The Oman government has set up an emergency fund to support small and medium enterprises after the impact of a tropical cyclone last October. The loan fund is intended to ensure the continued and sustainable operation of SMEs and aid in overcoming any emergency situations, the state-run Oman News Agency reported, quoting the Authority for Small and Medium Enterprises Development. No financial details about the fund were disclosed. NewsletterGet the Best of AGBI delivered straight to your inbox every week The programme’s assistance will be available to existing SMEs within the geographical areas affected by any government-declared emergency, the report said. $12bn plan puts Oman on path to replace oil income Oman’s debt repayment pace to slow, says Fitch Oman is on a steady path to a hydrogen-powered future Beneficiaries will be able to take advantage of a non-payment period of up to two years. The loan repayment period will be capped at five years, starting from the end of the grace period. Oman was badly affected by record flooding that hit the region in April, with reports that 17 people died, and businesses and homes hit. In January, Oman launched a OR2 billion ($5.2 billion) fund to encourage more investment in local SMEs. In March the state-backed Oman Investment Authority officially launched the $5.2 billion Future Fund Oman, with SMEs due to receive 7 percent of that.