HSBC Oman signs cooperation agreement with SME Development Fund

Muscat: HSBC Bank Oman and the SME Development Fund (SMEF) signed a collaborative agreement recently to provide small and medium sized enterprises (SMEs) in Oman with OMR5 million in financing.

The agreement was signed by Nasr Al Asfoor, Head of Business Banking in HSBC Bank Oman and Salah Al Mawali, CEO of SMEF.

This collaboration provides additional support to the SME development initiatives endorsed by the Omani government and will help accelerate the growth of SMEs throughout the Sultanate by giving them access to financing at an attractive rate.

“We are proud of our collaboration with SMEF, and we will continue to work closely with relevant government authorities and key working groups to ensure that SMEs flourish and contribute to the country’s diversification efforts,” said Nasr Al Asfoor, AGM &Head of Business Banking in HSBC Bank Oman.

Through its entrepreneurs’ development programs and financing schemes, SMEF aims to nurture Omani entrepreneurs and to see some of them grow to be large firms. In so doing, it also targets creating new job opportunities.

“We are happy with the cooperation with HSBC Bank Oman, which we hope will support the small and medium enterprises sector and the entrepreneurs and provide the facilities needed for the sustainability of their projects and enhance the growth of the national economy,” said Salah Al Mawali, CEO of SMEF.

SMEs account for around 15 per cent of Oman’s GDP, a figure the Public Authority for the Development of SMEs (Riyada) has forecasted to double in the medium term as opportunities are created. This demonstrates the opportunity that these businesses have to make a material contribution to the growth and diversification of the economy in Oman.

In 2020, HSBC Oman re-launched a dedicated Business Banking service to better connect Oman’s most dynamic and internationally-oriented businesses to the global economy. This service has been designed specifically for Omani SMEs with cross-border trading requirements or an aspiration to grow internationally.