Bank Muscat, one of the largest financial institutions in the Sultanate of Oman, has announced signing of a Memorandum of Understanding with the Eastern and Southern African Trade and Development Bank—also known as the PTA Bank—the aim of which is to promote two-way trade between Oman and the African region, and foster industrial cooperation and joint business ventures, reported the Oman Observer.
The Eastern and Southern African Trade and Development Bank provides financing for industrial, trade and investment projects in the member states of the African sub region. It is promoted by African Development Bank and Member governments of the Common Market for Eastern and Southern Africa (COMESA).
According to the recently concluded MOU, Bank Muscat and PTA will exchange of information on trade, business and investment opportunities; explore innovative mechanisms for financing trade between Oman and Eastern and Southern African countries, including lines of credit; Locate suitable joint venture/trade partners; organize seminars and workshops, and disseminate information about COMESA’s member states (COMESA).
Credit for the agreement was given to the Omani Center for Investment Promotion and Export Development (OCIPED), which operates a representative office in Kenya. –(Albawaba-MEBG)