Finance ministry, EXIM pact to boost jobs, trade

Muscat: Judith DelZoppo Pryor, First Vice President and Vice Chair of the Board of Directors at the Export-Import Bank of the United States (EXIM) affirmed that the MoU signed between the Ministry of Finance and EXIM in 2023 represents a new step in the march of 230 years long relations between Oman and the US.

In an interview with Oman News Agency (ONA), she explained that the MoU outlined the partnership and cooperation between the two sides, worth USD 500 million dollars, and includes various sectors such as communications, biotechnology, agriculture and manufacturing.

She stressed EXIM’s keenness to provide all banking and financing facilities to Omani companies and small and medium enterprises to reach the US market.

The US official pointed out that the MoU represents a new aspect of the economic and trade cooperation between the two countries after the free trade agreement that came into force in early 2009 and contributed effectively to strengthening investment cooperation relations between the Sultanate of Oman and the United States of America.

She said that the MoU will serve private sector institutions in the Sultanate of Oman through the various financing tools provided by EXIM to these companies to expand, prosper and generate job opportunities, which will contribute in one way or another to strengthening and developing the Omani economy.

The MoU signed last year between the Government of the Sultanate of Oman, represented by the Ministry of Finance, and EXIM aims to boost economic cooperation between the two sides in areas related to financing trade, goods and services.

It also aims to provide financial facilities for establishing projects in the industrial sector in various fields, including wireless communications equipment, the fifth generation network, biotechnology, renewable energy, agriculture, water and wastewater treatment, mining and manufacturing.

It is worth noting that the First Vice President and Vice Chair of the Board of Directors at EXIM held several meetings during her visit to the Sultanate of Oman with a number of officials in the economic, commercial and banking sectors.

The meetings focused on ways to enhance existing cooperation and build new partnerships between the two sides, in addition to discussing the possibility of Omani companies entering into building or expanding manufacturing facilities in the United States.

-ONA