SME sector gets boost via loan portfolio management agreement

Muscat: The Authority for Small and Medium Enterprises (SME) Development and the Oman Development Bank sign a loan portfolio management agreement to finance entrepreneurs and owners of small and medium enterprises.

A statement issued online by Oman News Agency (ONA) said: "Authority for Small and Medium Enterprises (SME) Development and the Oman Development Bank sign a loan portfolio management agreement to finance entrepreneurs, owners of small and medium enterprises and craftsmen to establish and expand their small and medium enterprises and to enhance their role in advancing the national economy."

Under the agreement, the Authority for SME Development will prepare and implement a program for financing, which aims to assess capabilities and develop skills in the field of entrepreneurship. While the Oman Development Bank will receive funding requests directly and study them and follow up on the financed projects through periodic visits, which will be announced during the coming period.