Industrial Fund support plunges in first quarter

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The Industrial and Commercial Development Fund disbursed MOP9.39 million (US$1.17 million) in financial support during the first quarter of 2017 to subsidise events held by local associations and the setting-up of service centres, in addition to the establishment or maintenance of websites hosted by Small and Medium Enterprises (SME), according to data published yesterday in the Official Gazette.
The latest amount represents a decrease of 350 per cent from the previous quarter, ended December 2016, when the total amount of subsidies disbursed by the Fund totalled MOP42.25 million.
The number of beneficiaries in the first quarter of 2017 was also down to 297 from the 977 that received the Fund’s support in the previous quarter.
According to the latest data, the largest amount of funding was allocated to the Industry and Commerce Federation of Macau Central and Southern District, at MOP1.77 million. The financial aid was granted to ‘partially finance the development costs of the Small and Medium Enterprises Service Centre in Macau’.
Second on the list came the Industry and Commerce Federation of the Islands of Macau, which received MOP1.44 million, also granted to finance the development costs of SMEs from the islands.
Also of note was the financial support attributed to the All-China Youth Federation, amounting to a total of MOP1.42 million.
All other subsidies amounted to less than MOP1 million.