Saudi Fund signs development financing deal with ODB

By Shilpa Annie Joseph, Official Reporter
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Saudi Fund-Oman Development Bank deal
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The Saudi Fund for Development (SFD) has signed a development financing agreement worth $67 million with the Oman Development Bank (ODB).

This agreement is part of the $150 million support program provided by the Saudi government to Oman through the fund.

Further, the agreement aims to support the ODB’s initiatives in financing SMEs’ activities, enhance social and economic growth, and create jobs in various states and governorates of Oman.

The co-chairs of the Saudi-Omani joint committee for the management of the program to support small and medium enterprises (SMEs) signed the agreement at a signing ceremony at the ODB headquarters in Oman.

Director of Financial Operations and Chairman of the Saudi side of the joint committee Saeed Al-Qahtani and Director General of Treasury at the Ministry of Finance and Chair of the Omani side of the joint committee Zahir Al-Abri represented the two sides in the agreement, while ODB CEO Hussain Al-Lawati signed the agreement on behalf of the bank.

The ODB is one of Oman’s most prominent government entities concerned with providing financing facilities for micro, small, and medium enterprises in the Sultanate.

Earlier this year, the Saudi Fund signed an MoU with Oman to finance the infrastructure development project of the Special Economic Zone in Ad Dhahirah.

In addition to enhancing cooperation between the two countries, the agreement will promote trade, boost economic partnerships, devise new industrial solutions, and promote sustainable economic growth. The cooperation will also reduce the production and export costs between and across the two nations.

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