Monday 31 October 2022 – 11:39 pm
Sharjah, October 31 / WAM / The Project Finance Committee of the Sharjah Foundation for Supporting Entrepreneurial Projects “Ruwad” approved a new loan worth almost half a million dirhams, during the thirteenth meeting of the committee, which was held at the headquarters of the Sharjah Economic Development Department headed by His Excellency Hamad Ali Abdullah Al Mahmoud, President of the Project Finance Committee Director of the “Ruwad” Foundation, with the participation of the members of the Committee and the Technical Committee for Project Financing.
The meeting reviewed the financial budget of the institution, the developments of the projects that were funded and the progress made in the work plans of each project and the approved funding stages.
The financing of two new projects has been approved, as the financing of the first project involves the establishment of a factory specialized in the production of bags, shoes and leather products, while the financing of the second project involves the establishment of a new branch for a project in the ‘Emirate of Ajman, a project specialized in the field of women’s beauty centers.
His Excellency Hamad Al-Mahmoud stated that the Project Funding Committee at the “Ruwad” Foundation wishes to study and evaluate all requests received by it in a thoughtful way, taking into account the guarantee that the projects meet the requirements and conditions of financing, i.e. that the projects have economic feasibility capable of continuity and growth and provide high quality services that satisfy the aspirations of consumers and improve the activity of the markets and add value to the economy of the emirate.
He explained that the “Ruwad” Foundation works in cooperation with its partners in the public and private sectors to ensure the provision of the appropriate environment to support and grow small and medium-sized enterprises and to enable local entrepreneurs to transform their ideas into projects on the basis that benefit them and serve the economic growth of the Emirate of Sharjah and the country as a whole.
Al-Mahmoud directed the preparation of a specialized study on the most important economic sectors and activities with investment opportunities, updating the list of priority sectors and economic activities in the light of this study and strengthening ways to encourage and motivate entrepreneurs to invest in them.
The value of the funding approvals for the Sharjah Foundation since the beginning of 2022 has reached 1,928,000 dirhams in favor of 7 projects.
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Zakaria Mohieldin / Batoul Kashwani
