Kuwaiti banks to provide SMEs with financing at 2.5% interest

Above, a bird’s eye view of the empty streets in Kuwait City on March 24, 2020. Kuwait is helping SMEs with funding requirements. (AFP)

• Kuwait fund to finance 80% of the SMEs’ funding needs at no interest for up to three years

DUBAI: Kuwait’s central bank said on Tuesday that banks must provide qualifying small and medium enterprises (SMEs) affected by the coronavirus outbreak with financing at a maximum 2.5 percent interest rate.
Kuwait’s National Fund for Small And Medium Enterprise Development will provide 80 percent of the SMEs’ funding needs at no interest for up to three years, while banks will finance 20 percent and the state will support companies in paying the up to 2.5 percent interest for three years.