Oman Business Growth Fund in the Making

Muscat: Acting in partnership with the British Embassy, the National Programme for Financial Sustainability and Development of the Financial Sector (Estidamah) today signed a memorandum of cooperation (MoC) with some commercial banks operating in the Sultanate of Oman to study options for establishing an Omani business growth fund. Oman Business Growth Fund (OBGF) reflects keenness to support the development of the financial sector and upgrade the rate of competitiveness, with the prime aim of expanding the participation of the banking sector in providing suitable financing options for various target segments (SMEs, startups).

OBGF seeks to serve venture capital investments and expand the volume of funding in accordance with the best global standards and in line with Oman Vision 2040.

The MoC was an outcome of the 10th meeting of the Oman-Britain Strategic Consultative Group, which convened in Muscat today.

The Omani side at the meeting was headed by Nasser Khamis Al Jashmi, Chairman of the Tax Authority, while Lord Gerry Grimston headed the British side. It was attended by Dr. Khamis Saif Al Jabri, Chairman of the Oman Vision 2040 Implementation Follow up Unit, and representatives of government institutions.

The meeting discussed the latest developments in implementing national initiatives and projects. The two sides were briefed about the progress made in implementing initiatives in the context of ‘sustainable green finance’. The two sides also reviewed experiences in developing the financial sector, enhancing the attractiveness of the business climate for foreign investors and studying the best practices in decentralized management of governorates.

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