Oman’s BankMuscat has signed a US$35mn credit line agreement with the Arab Trade Finance Programme (ATTP).
The credit line will be used to finance Oman’s foreign trade.
Over 20 similar lines have been launched between ATTP and national agencies in Oman with a US$581mn already utilised.
The agreement was signed by Jasim Al Mannai, chief executive, chairman of the boards of the ATTP and Abdul Razak Ali Issa, chief executive of BankMuscat.
At the signing ceremony, Al Mannai highlighted the importance of the credit facilities, trade information and the trade promotion services that are provided by the programme in developing the production capabilities and competitiveness of the trade exporters.
He also called on other national agencies in the Arab world to maximise the benefits offered by the programme’s facilities and services to help develop an Arab free trade area.
The ATTP is a specialised financial institution established by the Arab Monetary Fund to develop and promote trade among Arab countries and enhance the competitiveness of Arab exporters via financing tools such as lines of credit.
Last Updated June 21, 2010
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