Muscat – A financing agreement of RO20mn has been inked between the Omani-Saudi Joint Committee overseeing the Programme for Supporting Medium, Small and Microenterprises and Oman Development Bank (ODB). This move aims to bolster the bank’s commitment to foster growth in the SME sector and create more employment avenues for Omani citizens.

With this agreement, ODB seeks to expand its lending portfolio, primarily focusing on development projects spanning multiple industries. The provision of soft loans will not only aid businesses but also assist self-employed individuals and artisans.

The agreement was signed by Zahir Marhoon al Abri, Director General of Treasury and Accounts at Ministry of Finance, representing Oman in the committee, Said Mohammed al Qahtani, representing the Saudi side, and Hamad Salim al Harthy, acting CEO of ODB. 

This collaborative effort between Oman and Saudi Arabia took shape following a memorandum of understanding signed by Oman’s Ministry of Finance and Saudi Fund for Development in February 2022.