RIYADH: The Saudi Fund for Development signed a $67 million development financing agreement with the Oman Development Bank on Sunday, the Saudi Press Agency reported.

The investment aims to boost the bank’s initiatives focused on supporting medium and small enterprises, as well as enhancing social and economic growth and job creation across Oman’s governorates.

The agreement was signed by the co-chairs of the Saudi-Omani joint committee, with Saeed Al-Qahtani from the SFD, and Zahir Al-Abri and CEO of the Oman Development Bank Hussein Al Lawati representing the Omani side.

The Oman Development Bank is a key government entity dedicated to providing financial support to medium, small, and micro enterprises.

This agreement builds on a previous $53.33 million pact signed last September, reflecting a long-standing partnership that spans more than four decades between Saudi Arabia and Oman.