The Arab Planning Institute (API) signed Wednesday a Memorandum of Understanding (MoU) with Oman Development Bank (ODB) to strengthen cooperation and strategic partnership between both sides.
Speaking to KUNA, Director General of API Dr. Bader Malallah said that the MoU aims to enhance cooperation with ODB in the areas of building, training, consultancy, studies, technical support, research, forums, development events, entrepreneurship and small enterprises.
The MoU confirms the depth of the relationship between API and Oman through the Institute’s conducting many advisory studies and technical support programs for several Omani institutions, Malallah added.
The most prominent thing that took place during the past few months was the preparation of two development guides for the Omani Ministry of Economy, which are a procedural guide for development planning and the national guide for drawing up public policies, he explained, indicating that API is in the process of preparing a project for ODB on measuring the development impact of the financing provided by the bank.
Meanwhile, Chairman of the Board of Directors of ODB Mohammad Al-Ghassani told KUNA that the memorandum includes many aspects of joint cooperation, including API’s contribution to raising the efficiency of the bank’s employees and cooperation in building the capabilities of entrepreneurs and owners of micro, small and medium enterprises.
The study of measuring the development impact of the bank’s financing operations is one of the vital areas expected to be accomplished by API within the framework of activating this memorandum and preparing a strategy for the bank in a way that enhances the bank’s contribution to supporting and financing the small and medium enterprises sector in Oman, Al-Ghassani added.
The MoU will enhance the bank’s contribution to the value-added projects sector in the national economy, in line with the bank’s directions in raising efficiency, building the capabilities of entrepreneurs, promoting the culture of self-employment, and improving the financing and non-financial services provided in order to achieve the goals of Oman Vision 2040, he stated.
He commended API’s vital and effective role in supporting the development efforts in Oman, extolling API’s expertise in various development fields and expertise.
Established in 1972, Kuwait-based API is as an independent, non-profit Arab development institution that aims to support development efforts in Arab countries by contributing to enhancing institutional performance.
Source: Kuwait News Agency