MUSCAT: The Joint Committee for the Management of the Small and Medium Enterprises Support Programme signed a financing agreement with the Development Bank for an amount of RO 25 million .
The agreement aims to finance micro, small and medium enterprises (MSMEs), and provide employment opportunities for Omani youth by providing easy financing for projects in economic and social development. This includes loans for small investor projects and craftsmen.
Signed by the Joint Committee for the Management of Small, Medium, and Micro Enterprises Support Programme: Zaher bin Marhoon al Abri, Director General of Treasury and Accounts at the Ministry of Finance, the head of the Omani side, and Saeed bin Mohammed al Qahtani, head of the Saudi side in the Joint Committee, representing the Saudi Development Fund. On behalf of the Development Bank, it was signed by Hussein bin Ali al Lawati, the bank's CEO.
The Joint Committee for the Management of the Small and Medium Enterprises Support Programme aims to finance institutions that provide financial services for small, medium, and micro enterprises in the Sultanate of Oman. They work on monitoring and evaluating finance portfolios to ensure optimal use of the provided financing and its sustainability.
It is worth mentioning that the Joint Committee signed an agreement worth RO 20 million with the Development Bank in September 2023.
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