Muscat – Saudi Fund for Development (SFD) signed a development financing agreement worth RO25mn with Development Bank on Sunday to support small and medium enterprises in Oman. 

The agreement was facilitated by the Oman-Saudi Joint Committee for the management of a programme to support SMEs, under which the Saudi government will provide US$150mn support to Oman through SFD.

The agreement was signed by Zahir Marhoon al Abri, Director General of Treasury and Accounts at Ministry of Finance and head the Omani side of the joint committee, Saeed al Qahtani, Director of Financial Operations at SFD and Chairman of the Saudi side of the joint committee, and Hussain al Lawati, CEO of Development Bank. 

The agreement aims to support Development Bank’s initiatives in financing SME activities, enhance social and economic growth, and create jobs in various wilayats of Oman. 

The bank is one of the most prominent government entities concerned with providing financing facilities for micro, small and medium enterprises in the sultanate.

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