Law No. 14 of 2023, the first amendment to the Law on Supporting Small Income-Generating Projects No. 10 of 2012

This Law aims to expand small-business funding and promote private sector growth by bolstering the Fund's capital, accelerating installment recoveries, and recycling repaid loans to sustainably support new borrowers. To this end, the Law amends the following articles (i) Article 1 in the definitions of “Loan” and “Unemployed” by increasing interest-free loan amounts based on employment requirements, requiring worker registration under social security, and clarifying eligibility for unemployed beneficiaries; (ii) Article 3(1) to establish the Small Income-Generating Projects Support Fund as a legal entity within the Ministry of Labour and Social Affairs; (iii) Article 6, replaced to restructure the Fund's Board of Directors; (iv) Article 9(10a) to authorize the Board to review and approve the Fund's operational budget, final accounts, and administrative reports; (v) Article 15(1) adding new paragraphs to introduce a service fee for loan disbursement, impose late-payment interest and penalties for violations, and direct these revenues to the Fund's account.