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CBO's Executive President Receives World Bank Delegation

February 19, 2014

Muscat, Feb.18 (ONA) ---- Hamoud bin Sangour al-Zadjali, Executive President of the Central Bank of Oman (CBO) received today a delegation from the World Bank headed by Dr. Mirza Hasan, Executive Director of the World Bank, as part of his GCC tour.      Al-Zadjali discussed with the top official the existing relations between CBO and the World Bank in various disciplines. They focused on the efforts exerted by the Sultanate of Oman in diversifying income and avoiding full reliance on the oil sector along with the development of non-oil sectors in order to provide more job opportunities for Omanis in various domains.    Al-Zadjali valued the existing cooperation between the World Bank, the International Monetary Fund and the CBO, commending the study prepared by the World Bank regarding the Payment Systems and the other studies to be conducted during the next phase.    He stressed the significance of such cooperation in enhancing development programs implemented by the government through providing the Sultanate with successful experiences of projects and studies carried out by the World Bank across the world.      He explained to the guest that CBO is very keen for the development of Small and Medium Enterprises (SMEs) through funding their different programmes and projects. He indicated that CBO has directed all banks to finance the SMEs at 5% of the total banking credit. This would provide these enterprises with a limit of RO 1 billion during the coming period. The government is also funding these enterprises through Al Rafad Fund and Oman Development Bank, as well as other finance institutions. He stressed that all these projects aim at providing more employment opportunities and help young Omanis to establish more small and medium enterprises in the country.   He pointed out that CBO is planning to form a higher financial stability committee in the country with the participation of the membership of a number of officials of the competent authorities in the country. This committee would prepare the necessary studies and the regional and international evaluations for enhancing financial stability and encourage foreign investors to invest their funds in the Sultanate in the giant projects being currently implemented in the Sultanate. He stressed the financial stability of the country, in terms of the stability of the local currency and the absence of limits in the transfer of money inside and outside the Sultanate, as well as the excellent evaluations of the international institutions on the financial and banking position of the Sultanate.      Hamood bin Sangour al-Zadjali, Executive President of CBO was briefed by the visiting delegation on the activities of the World Bank in support of the developmental programmes of the Sultanate, the next development plan, as well as the evaluation of the investment programmes and other projects in the country. The delegation commended the policies implemented by the Sultanate, especially regarding the development of the national income sources and the employment opportunities for Omanis.  ----Ends/AH/FS

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Source: Oman News Agency

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