The Saudi Fund for Development (SFD) has signed in Oman three memorandums of understanding (MoUs) with the Omani Ministry of Finance to finance several projects with a value of around $244 million.

 

This follows directives of Saudi King Salman bin Abdulaziz Al Saud and in response to efforts to enhance joint cooperation and exchange of expertise between the two countries, reported SPA.

 

The first memorandum aims at supporting SMEs through providing funds to support the loan portfolio for soft loans in various sectors with a total of $150 million, where part of this finance will be directed to establish small and medium enterprises in governorates so as to benefit from the comparative advantage and the development of every governorate.

 

This in addition to boosting the benefits of establishing and funding expansions for existing projects of small and medium Omani institutions in a way that guarantees the contribution of the private sector in supporting and accommodating jobseekers. 

 

The memorandums were signed by SFD CEO Sultan bin Abdul Rahman Al-Marshad and Omani Minister of Finance Sultan bin Salem Al Habsi.

 

The other two memorandums seek to contribute to financing projects of developing the basic infrastructure in the Special Economic Zone in Duqm.

 

Welcoming the deals with SFD, Al Habsi said these agreements are a result of historical relations and close partnership between Saudi Arabia and Oman and the vision of both countries’ leaderships, where they will contribute to opening cooperation aspects at several levels, including supporting entrepreneurship and developing the basic infrastructure, in addition to developing economic projects.

 

Al Marshad stressed that the efforts of Saudi Arabia, through SFD contributions to sign these memorandums, aim at enhancing cooperation between the two countries and out of the effective role of the fund in supporting social and economic development courses in developing countries.