Muscat: In a move that will help boost Omani exports, Credit Oman has approved amending its articles of association.
The Ordinary and Extraordinary General Assembly of the Export Credit Guarantee Agency of Oman (Credit Oman) on Monday held a meeting under the chair of Said bin Saleh Al Kiyoumi, Chairman of the Credit Oman Board of Directors (BoD), Chairman of Oman Chamber of Commerce and Industry (OCCI).
The meeting approved a proposal for amending Credit Oman’s articles of association to keep pace with the developments of the world economy and increase the number of beneficiaries from the Agency’s services.
The amendments also aim at providing more facilities to the Omani companies to enhance and promote Omani exports and provide them with more access to global markets.
The Chairman of Credit Oman BoD said that the Agency seeks to increase the Omani exports and encourage SMEs owners to access to global markets.
He pointed out that the value of the gross insurance premiums since the establishment of the Agency until date stood at about OMR1.6 billion. He added that the value of export credit ceilings stood at OMR41.5 million and the number of policy holders with the Agency stood at about 473 credit policies for exports and local products. The value of the local export credit ceilings also amounted to about OMR37 million.
Al Kiyoumi also noted that the Agency seeks to eliminate difficulties by promoting Omani exports and opening wider horizons with all countries of the world. The Agency recently signed a number of agreements, the latest of which with the sisterly State of Qatar on providing full information about the financial adequacy and general condition of Qatari companies. On the other hand, Credit Oman shall provide urgent credit for the Omani exports to Qatari buyers based on the information provided by Qatar Chamber of Commerce and Industry.
It will also facilitate export and import procedures between the two countries. The agreement started bearing fruit now as the value of the declared Omani exports to the State of Qatar increased to OMR84.922 million as of the end of the first half of 2017. The total value of the credit ceilings at the same period stood at OMR33.812 million.
Al Kiyoumi also pointed out that there is a trend to intensify the Omani exports to the Syrian Arab Republic. As per Credit Oman statistics, the value of the declared sales stood at OMR2.105 million.
The meeting was attended by representatives of the public agencies, financial auditors and Dr. Khalid bin Said Al Amri, Acting CEO of Credit Oman.