Financing Agreement Worth RO 25m Signed in Support of SMEs, Startups

Muscat, 21 Apr (ONA) --- The joint committee tasked with managing the “Programme for Supporting Medium, Small and Microenterprises (MSMEs)” today signed a financing agreement with the Development Bank to the tune of RO 25 million.

The agreement aims at generating more employment opportunities for Omani youth by providing soft financing for economic and social development projects. The programme offers loans to owners of self-employment enterprises.

The agreement was signed on behalf of the joint committee of the “Programme for Supporting Medium, Small and Microenterprises” by Zahir Marhoon Al Abri, Director General of Treasury and Accounts at the Ministry of Finance (Head of the Omani side at the Joint Committee), Said Mohammed Al Qahtani, Head of the Saudi side at the Joint Committee, representative of the “Saudi Fund for Development”, and Hussein Ali Al Lawati, CEO of the Development Bank.

The Joint Committee for Managing the “Programme for Supporting Medium, Small and Microenterprises” is entrusted with financing institutions that provide financing services to MSMEs in the Sultanate of Oman. The panel follows up the assessment of financing portfolios to ensure optimal use of such fiscal support and to maintain the sustainability of the MSMEs.

--- Ends/Bishara/Khalid