Estidamah signs pact to set up Oman Business Growth Fund

In a strategic move to fortify the financial sector and support business development, the National Programme for Fiscal Sustainability and Financial Sector Development – Estidamah - has partnered with the British Embassy and key commercial banks to lay the groundwork for the Omani Business Growth Fund.

A memorandum of cooperation was signed to this effect on Tuesday during the tenth session of the Oman-britain Strategic Consultation Group in Muscat.

This move signifies a step towards fostering economic collaboration between the two nations, official said.

Jointly chaired by Nasser bin Khamis al Jashmi, SecretaryGeneral at the Ministry of Finance and Head of Tax Authority; and Lord Gerry Grimstone, former UK minister for Investment, the meeting underscored their commitment to broaden the competitive landscape of Oman's banking sector and provide robust financial solutions for ventures seeking investments.

It is expected that the fund will expand the financial market’s scope, in sync with the ambitious goals outlined in Oman Vision 2040.

Key discussions at the meeting revolved around the execution of national initiatives and projects aimed at furthering sustainable green finance, people in the know of things informed.

Participants exchanged insights on the financial sector’s development, strategies to make Oman more inviting for foreign investments, and adopting the best practices in the decentralised management of governorates.

Jashmi lauded the OmanBritain Strategic Consultation Group for its role in facilitating knowledge exchange and bolstering bilateral relations.

Lord Grimstone highlighted the critical nature of these meetings, celebrating the enduring partnership and friendship between Oman and the UK.