Al Raffd Fund signs pact with OIFC to support SME sector

Oman Investment and Finance Company (OIFC) and Al Raffd Fund signed a cooperation agreement within the framework of providing support and help to entrepreneurs. The agreement was signed by Said Ahmed Safrar, Chief Executive of OIFC and
Tariq bin Sulaiman al Farsi, CEO, Al Raffd Fund at Al Raffd Fund’s head office.
The agreement was part of the efforts exerted by Al Raffd Fund to support and develop the small and medium enterprises (SME) sector in cooperation with various government and private stakeholders and different concerned parties.
It mainly aims at helping entrepreneurs who benefit from the loans of the fund for continued development of their projects and create job opportunities.
According to the agreement, OIFC will source 20 per cent of its requirements of services and products from SME projects that took loans from Al Raffd Fund.
Al Farsi said this agreement was as the result of the efforts exerted by Al Raffd Fund to support the SME sector and in cooperation with various government and private entities devoting certain items and services to the sector. Al Raffd Fund also seeks to provide labour contracts and services to beneficiaries in cooperation with government and private entities within the framework certain terms and conditions for beneficiaries. This was subject to the SME projects’ technical and financial abilities to implement the contracts, and in line with their activities as part of implementing one of the seminar decisions related to specialising 10 per cent for the SME sector.
Al Farsi thanked and appreciated all the government and private entities for their cooperation, support and encouragement to the SME sector so that they contributed to enhancing the national economy.
Said Ahmed Safrar said that the OIFC will provide 20 per cent of the company purchases for the SME projects that benefit from Al Raffd Fund. This was part of the company’s commitment to society as part of its national role in supporting entrepreneurs.
He said that the company will explore ways to honour this agreement and how to implement it on a monthly basis, assuring that OIFC would work to increase this percentage gradually.