RIYADH: Some $224 million is to be ploughed into small businesses and financing infrastructure thanks to a collaboration between Saudi Arabia and Oman.
The Saudi Fund for Development has signed three memoranda of understanding, or MOUs, with the Omani Ministry of Finance to propel the advancement of these projects, Saudi Press Agency reported.
This comes amid efforts to enhance joint cooperation and exchange experiences between the two countries.
The first MOU aims to support small and medium enterprises by providing financing for soft loans in various sectors, with an accumulated amount of about $150 million.
The other two MOUs aim to contribute to financing infrastructure development projects in the special economic zone at Duqm, Oman.
The close partnership between both countries will contribute to opening up prospects for cooperation on many levels including supporting entrepreneurship in the Sultanate, developing infrastructure, and promoting economic projects.
