Saudi Development Fund signs $52M agreement to support Oman SMEs
The partnership aligns with Oman Vision 2040 and Saudi Vision 2030, aiming to provide significant investment opportunities for economic diversification.
The Omani-Saudi Joint Committee has signed a financing agreement worth $51.9 million with Oman Development Bank to aid SMEs (small and medium enterprises) and microenterprises in the region.
According to a press release on Zawya, the funding is part of a larger $150 million support programme for Oman provided by the Kingdom through the Saudi Development Fund (SDF).
The deal aims to support the bank's financing initiatives for small and medium enterprises, boost social and economic growth, and create jobs across Oman's various states and governorates.
The committee also plans to finance the infrastructure development project of the special economic zone in Ad Dhahirah, Oman.
The partnership aligns with Oman Vision 2040 and Saudi Vision 2030, aiming to provide significant investment opportunities for economic diversification.
The Saudi-Omani joint committee co-chairs, Saeed Al-Qahtani from the SFD and Zahir Al-Abri and Hamad Al Harthy from the Omani side, signed the agreement.
Other than this, the SDF has signed six loans worth $69 million to finance development projects in Madagascar, $1 billion in oil derivatives financing with Pakistan's Economic Affairs Ministry, and $80 million for the University of the West Indies expansion project in Antigua and Barbuda.
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Edited by Akanksha Sarma