Instructions Issued To Co-ops To Clear Small, Medium Projects Financial Dues
The National Fund for the Development and Welfare of Small and Medium Enterprises (SMEs), in coordination with the Cooperative Development Department of the Ministry of Social Affairs and Labor, has issued instructions to oblige cooperatives to pay the financial dues of small and medium enterprises that use the cooperatives as outlets for their products within 30 days, reports Al-Qabas daily.
The concerned sources revealed that if any entrepreneur or small project owner supported by the National Fund does not find cooperation from any cooperative society, must submit a complaint to the cooperative work department of the Ministry of Affairs in the ministries complex.
The sources added, the power of the Ministry of Affairs in this regard comes on the basis that the controller and the administrative in the cooperative societies follow the ministry, which signs all the checks and financial dues, whether the private association itself or trade exchanges with others. The same sources revealed that the National Fund for the Development and Welfare of SMEs in the next few weeks will work to increase the number of cooperatives that are entitled to open the subsidized initiator files and get free shelves from 10 to 15 cooperative societies after the end of the Eid Al Fitr holidays. It is worth mentioning that the cooperative societies are considered one of the strongest outlets in Kuwait.