Muscat – The Ministry of Finance (MoF) has signed three memoranda of understanding (MoU) to the tune of RO94mn with the Saudi Fund for Development to finance a number of projects.

The MoUs were signed by H E Sultan Salim al Habsi, Minister of Finance, and Sultan Abdulrahman al Murshid, CEO of Saudi Fund for Development (SFD).

The signing ceremony took place after a session of talks between MoF and SFD on ways of activating cooperation to fund current and future projects.

The first MoU deals with supporting small and medium enterprises through a soft loan portfolio of RO57.6mn catering to SME projects in various governorates. The projects include the establishment and expansion of existing SME projects in a manner that enables the private sector to engage in domestic development and employ jobseekers.

The second and third MoUs fund infrastructure projects in the Special Economic Zone at Duqm.

On the occasion, H E Habsi said that the projects cap historical ties and partnerships between Oman and Saudi Arabia in accordance with the vision ofthe leaders of the two countries. The partnerships enhance entrepreneurship and infrastructure of economic projects in Oman.

For his part, Murshid said that the efforts of Saudi Arabia, through the contributions of SFD in signing these memorandums, aim to enhance joint cooperation between the two brotherly countries. The funds support social and economic development in Arab and Islamic countries.

For close to 45 years, SFD has been financing and supporting development projects in Oman in infrastructure, water and energy sectors and higher education.

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