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

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.

Original article by Reine Farhat

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