SME fund yet to monitor any cases of failure – Al-Kandari
Govt has no will for reform: Al-Damkhi
KUWAIT CITY, Aug 18: Director of the National Fund for SME (Small and Medium Enterprises) Care and Development, Ibrahim Al-Kandari does not seem worried about the slow pace of entrepreneurship funding so far. According to the strategy of the fund, the initiatives launched and projects already established and success achieved are the priorities, reports Al-Rai daily.
Al-Kandari told the daily the fund has not yet monitored any case of failure, but admitted that some of the investors have asked for more grace period than the legally prescribed three years.
“The conditions of the eligible entrepreneurs can be addressed in different ways and means, including extending their grace period as authorized by law, restructuring the project, entrusting it to other initiatives, or allowing installments,” he said.
He pointed out that the fund management is currently anticipating the practical and legal difficulties to establish procedural rules and necessary solutions that guarantee the rights of entrepreneurs and protect the funds, a penny of which cannot be waived as it constitutes a percentage of the capital that cannot fail to protect.
He also stressed that the fund is not a bank of easy funds, and does not aim to make millionaires, but seeks to create companies that add value to the national economy to diversify income, at the same time does not seek to manage but help to succeed.
He also added that there are no traders in residence permit among the entrepreneurs.
Meanwhile, MP Adel Al-Damkhi has blamed the government for what he called “the persistent problems in the country,” because it has no real desire for reform, and even if it has, it is unable to implement it although it has enough MPs in the Parliament to pass any law it wants, reports Al-Qabas daily.
Al-Damkhi said the National Assembly’s performance in the last session was far from the aspirations of the citizens, stressing that Kuwait does not suffer from a legal or legislative shortage, but it lacks the application and enforcement of the law.