(MENAFN - Kuwait News Agency (KUNA)) MUSCAT, Jan. 4 (KUNA) -- The Saudi Fund for Development inked two memoranda of understanding with the Omani government to finance two development projects in Oman at a total cost of 81 million Omani Riyals (USD 201 million).

In a press statement, Omani Minister Responsible for Financial Affairs Darwish al- Balushi stated that the first grant agreement worth of RO 20 million (USD 51.8 million) is related to financing completion of the second part of the main road No.32 from the middle to south A'Duqm City (13 km).

The second agreement worth of RO 61 million (USD 158.2 million) and would be used to finance the Fishing Harbor in Duqm.

The two agreements were signed Thursday by al- Balushi, and Deputy Chairman and Managing Director of the Saudi Fund for Development Eng. Yousef bin Ibrahim al- Bassam.

Al- Balushi said that the grants which come within the framework of developing economic cooperation between the two countries and the joint program for the development of the GCC States.

He added that the grants will help in the development of the SEZD infrastructure and increasing the capacity of the Fishing Harbor in Duqm.

Al- Bassam pointed out that the Fund will follow the implementation of these two agreements. He added that the Fund has allocated USD 150 million within its funding programs for the SMEs in the Sultanate. The program will be followed up by Oman Development Bank (ODB). (end) ma.ibi

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