MUSCAT : The agreement was signed in Muscat by the joint committee between the Ministry of Finance and the Saudi Fund for Development, which oversees the programme supporting micro, small and medium enterprises.
The deal was signed on behalf of the joint committee by Zaher bin Marhoon Al-Abri, Director General of Treasury and Accounts at the Ministry of Finance and head of the Omani side of the committee, and Saeed bin Mohammed Al-Qahtani, Director General of Financial Operations at the Saudi Fund for Development and head of the Saudi side. The agreement was signed on behalf of the Development Bank by its Chief Executive Officer, Hussein bin Ali Al-Lawati.
The financing agreement aims to support key social and economic development pathways by providing much-needed funding to medium, small and micro enterprises. It includes the provision of soft loans for development projects across various economic sectors, with a particular focus on small investors, dedicated entrepreneurs and craftsmen, helping enhance the growth and long-term sustainability of these enterprises.
The agreement aligns with the Development Bank’s strategic plan to expand its loan portfolio by around 10 percent this year, taking its total portfolio to more than RO 400 million, reflecting the bank’s growing role in financing diverse economic sectors.
The Joint Committee for the Management of the Micro, Small and Medium Enterprises Support Programme was established in 2022 and has, since its inception, been funded by the Development Bank with approximately RO 45 million, underscoring the sustained commitment to empowering SMEs in Oman’s economy.
A RO 15 million financing deal was signed in Muscat to bolster Oman's micro, small, and medium enterprises. The agreement, involving the Ministry of Finance and the Saudi Fund for Development, aims to provide soft loans for development projects, focusing on small investors and entrepreneurs, thereby enhancing the growth and sustainability of these enterprises.