KUWAIT — Kuwait’s Ministry of Social Affairs and Labor is sponsoring a project targeting women’s economic empowerment as part of the government’s program of action, in cooperation with the UN Development Program (UNDP).
The Kuwaiti economic system is a capitalist one that is, by nature, based on two key pillars, namely an efficient and developed banking system and small and medium-sized projects, the ministry said in a press release.
But, it said there is still much work for setting out a fresh system for small-sized projects, noting that a relevant major initial step was taken in May 2012 when the National Assembly (parliament) passed an integrated law in this respect.
The second impressive step, it said, includes the creation of incubators for small-sized projects.
Business incubators are programs designed to support the successful development of entrepreneurial companies through an array of business support resources and services.
The Ministry of Social Affairs had established the first incubator for small-sized projects as part of Kuwaiti women’s economic empowerment, according to the release. Furthermore, work is being underway for turning the ministry’s family development center into a new incubator building and the project is expected to be completed before the end of this month.
The fresh incubator will provide various services, mainly training and consultation and counseling, it pointed out. — KUNA