Saudi Fund for Development Signs $67 Million Agreement with Oman Development Bank
In a significant development, the Saudi Fund for Development has inked a $67 million development financing agreement with the Oman Development Bank. This move is set to bolster the bank’s initiatives aimed at supporting medium and small enterprises, and fostering social and economic growth while creating job opportunities across various governorates in Oman.
The agreement was sealed by the co-chairs of the Saudi-Omani joint committee, with Saeed Al-Qahtani representing the SFD, and Zahir Al-Abri along with CEO of the Oman Development Bank, Hussein Al Lawati, representing the Omani side.
The Oman Development Bank plays a pivotal role as a government entity dedicated to providing financial assistance to medium, small, and micro enterprises in the region.
This latest agreement builds upon a previous pact worth $53.33 million signed back in September. It underscores the enduring partnership that has thrived for over four decades between Saudi Arabia and Oman, showcasing the commitment of both countries to fostering economic development and growth in the region.