Muscat: The joint committee between the Ministry of Finance and the Saudi Fund for Development (SFD) for managing the Medium, Small and Micro Enterprises (MSME) Support Program signed a financing agreement today in Muscat worth RO 15 million with the Development Bank. This move is part of ongoing efforts to bolster economic and social development in the Sultanate of Oman.
According to Oman News Agency, the agreement was signed on behalf of the joint committee by Zahir Marhoon Al Abri, Director General of Treasury and Accounts at the Ministry of Finance (Omani side chair), and Said Mohammed Al Qahtani, Director General of Financial Operations at the Saudi Fund for Development (Saudi side chair). Hussein Ali Al Lawati, CEO of the Development Bank, signed on behalf of the bank.
The financing agreement aims to contribute to social and economic development tracks by providing the necessary liquidity to support MSMEs. Key features of the agreement include providing accessible financing for developmental projects across various economic sectors, helping small investors dedicated to their businesses and artisans to ensure growth and sustainability, and supporting the Development Bank's strategic goal to expand its lending portfolio by approximately 10 percent this year, bringing it to over RO 400 million.
The joint committee for managing the MSME Support Program was established in 2022. Since its inception, it has provided a total of RO 45 million in funding to the Development Bank, reflecting the growing partnership between Oman and Saudi Arabia in fostering a robust entrepreneurial ecosystem.
