Kuwait National Fund partners with the World Bank to support local SMEs

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The State of Kuwait is aiming to develop the entrepreneurial spirit among Kuwaitis, help the country take a major stride in efforts to support youth, combat unemployment, and enable the private sector to drive economic growth.

In promising steps, The Kuwait National Fund for SMEs Development was established under law 98/2013 to support small and medium enterprises, diversify the economy and creating more jobs.

The Kuwait National Fund and the World Bank recently signed an agreement to strengthen entrepreneurial spirit by establishing appropriate mechanisms to enable creation and growth of SMEs. The preliminary phase of the deal is strictly an advisory agreement between the World Bank and the Kuwait National Fund. The recently-signed second phase is intended to directly engage the country’s startup ecosystem.

The World Bank will offer SMEs certified management training as well as advisory and consulting services on a strategic and operational level.

What is it?

The fund aims to build a one-stop-shop for local entrepreneurs to facilitate paperwork and registration, support SMEs in the sectors of Information and Communications Technology (ICT), general services, creative industries, and manufacturing.  

While entrepreneurs continue to struggle with excessive regulations, incentives and access to finance, the National Fund aims to achieve the following objectives:

  • Develop the national economy by reforming policies for job creation and income diversification

  • Raise public awareness about the benefits of entrepreneurships, and promote SME initiatives

  • Provide information and build reports that are of assistance to SMEs

  • Provide technical and strategic guidance to entrepreneurs through different stages of an SME’s lifecycle

  • Assist in developing business plans and other studies for potential projects

  • Develop and train human capital through supporting organizations

  • Fund SME projects according to regulations of this law

  • Enhance competitiveness of SME projects

  • Support local products and encourage innovation

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