An aerial view of Muscat city, at night.
The new fund has been established in line with Oman Vision 2040. Image Credit: Shutterstock

Dubai: A Memorandum of Cooperation (MoC) was signed between commercial banks in Oman and the National Programme for Financial Sustainability and Development of the Financial Sector (Estidamah), partnering with the British embassy, establishing an Omani business growth fund (OBGF) in line with Oman Vision 2040, regional media reported.

The prime aim of the OBGF is to expand the participation of the banking sector in providing appropriate financing options for various target segments (SMEs, startups.) as well as creating an attractive business climate for foreign investors.

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This will support the development of the financial sector and enhance competitiveness in the industry. 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 signed in the 10th meeting of the Oman-Britain Strategic Consultative Group. It was attended by Nasser Khamis Al Jashmi, Chairman of the Omani Tax Authority, Khamis Saif Al Jabri, Chairman of the Oman Vision 2040 Implementation Follow up Unit, and representatives of government institutions.