(MENAFN- The Peninsula) QNA
The Omani Ministry of Finance signed three memoranda of understanding (MoU) with the Saudi Fund for Development to finance a number of projects amounting to 94m Omani Riyals.
The first MoU aims to support small and medium enterprises (SMEs) by providing financing to support the lending portfolio of soft loans in various sectors of about 57.6m Omani Riyals.
The second and third MoU contribute to financing infrastructure development projects in the special economic zone at Duqm.In this context, Omani Minister of Finance Sultan bin Salem bin Saeed Al Habsi stressed that these MoU are the culmination of the solid partnership between the two countries, as they will contribute to opening prospects for cooperation on many levels, including supporting entrepreneurship in the Sultanate and developing infrastructure, as well as promoting economic projects.
For his part, the CEO of the Saudi Fund for Development Sultan bin Abdurrahman Al Marshad said that these MoU aim at strengthening joint cooperation between the two countries, based on the role that the Fund plays in supporting social and economic development paths in Arab and Islamic countries.
Saudi Fund for Development has been working for around 45 years to finance and support development projects in the Sultanate of Oman. These projects come to support the infrastructure sectors, higher and vocational education programs, the water sector, and development projects in the energy sector
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