Muscat, The Authority for Small and Medium Enterprises Development (ASMED) today signed an agreement with Oman Development Bank (ODB) to manage the loan portfolio of entrepreneurs affiliated to ASMED to help them establish and expand their businesses so that they could play an active role in stimulating the economy.

The agreement enables the ASMED to devise and implement funding applicants’ preparedness programme designed to assess their abilities and develop their skills. The ASMED will eventually provide marketing and technical support to the funded projects.

Once the applications are finalized in coordination with the ASMED, the ODB will receive, study and endorse them and later follow up the funded projects directly by conducting regular field visits to the business sites. The funding programmes will be unveiled in the near future.

The agreement was signed by Haleema Rashid Al-Zar’ee, Chairperson of ASMED, and Abduladheem Abbas Al-Bahrani, Chairman of ODB Board.

Source: Oman News Agency