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The Saudi Fund for Development (SDF) has signed three deals with Oman to finance several projects worth around $244 million.
The memorandums of understanding (MoU), signed by the fund and the Omani Ministry of Finance, seek to provide funds to support small and medium enterprises, as well as finance infrastructure projects in the Gulf state, according to the Saudi Press Agency (SPA).
As part of the initiative, about $150 million will be allocated for private sector financing or soft loans. Funds will also be provided to support the development of infrastructure in Oman’s Special Economic Zone in Duqm.
The new agreements are expected to boost cooperation between the two Gulf states and are in line with the fund’s objective to support social and economic development efforts in developing countries.
(Writing by Cleofe Maceda; editing by Seban Scaria )
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