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Mon 9 Nov 2015 02:01 PM

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Banking giant HSBC commits extra $52m to Omani SMEs fund

HSBC Bank Oman announces that it is doubling the size of its SME-focused International Growth Fund

Banking giant HSBC commits extra $52m to Omani SMEs fund
(AFP/Getty Images)

HSBC Bank Oman has announced that it is doubling the size of its SME-focused International Growth Fund, which was launched last year.

HSBC said in a statement that it is committing an additional OR20 million ($51.9 million) to Oman's SMEs, bringing the total value of the Fund to OR40 million.

It added that the fund continues to be open to new and existing importing and exporting customers who are based in Oman, and have cross border trading requirements or aspire to grow internationally.

Announcing the launch, Iain Morrison, general manager and head of commercial banking, HSBC Bank Oman, said: "Today we are pleased to announce the allocation of an additional OMR 20 million to our International Growth Fund. Last year, we launched this first fund of its kind in Oman in the knowledge that SMEs are critical to the future of Oman's economy and that supporting their growth and prosperity is vital.

"Today, we are reaffirming this commitment and are confident that the unique combination of our local knowledge and international expertise will continue to enable international and internationally aspirant SMEs in Oman to thrive."

Morrison added: "Our initial fund has been allocated across a range of sectors, such as those supporting oil and gas, as well as construction and general trading, for example, foodstuffs."

Industry research reports that SMEs represent over 90 percent of the total number of registered firms in Oman but the combined contribution to GDP is only around 15 percent.

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