National fund for supporting and developing small and mediumsized enterprises (SMEs) signed, on Sunday, Memorandums of Understanding (MoU) with nine government bodies to provide effective and lucrative environment for business owners. During the signing ceremony, Minister of Commerce and Industry Dr. Yousef AlAli said that these agreements will regulate businesses and business owners effectively on a timely manner, strengthen the connection between government bodies and the national fund to provide necessarily services.
The minister added that small and mediumsized enterprises have major impact on developing and improving local economy, hence; giving importance of providing all facilitations for this vital sector. The national fund for supporting and developing small and mediumsized enterprises will officially see the light next October, the fund's chairman Dr. Muhammad AlZuhair pointed out.
The nine government bodies that signed the MoU are: Ministry of Commerce and Industry, Ministry of Social Affairs and Labor, Kuwait Municipality, Public Authority for Industry, Manpower and Government Restructuring Program (MGRP), the state executive apparatus, Civil Service Commission (CSC), Public Authority for Social Security and Public Authority for Civil Information