Muscat –
The Export-Import Bank of the United States (EXIM) is committed to supporting Omani firms seeking to collaborate with US businesses and providing financing facilities to help them enter the US market, according to EXIM’s First Vice President and Vice Chair, Judith Pryor.
Judith was on an official visit to Oman last week to attend the US-Oman Partnership Opportunity Delegation (POD) meetings.
In February 2023, Oman’s Ministry of Finance and EXIM signed a memorandum of understanding (MoU) valued at $500mn. The MoU aims to explore options for utilising EXIM financing and promoting trade and investment in strategic sectors of Oman’s economy.
In an interview with the Oman News Agency, Judith affirmed that the MoU represents a new step in the long-standing 230-year relationship between Oman and the US. She explained that the MoU outlines the partnership and cooperation between the two parties and covers various sectors, including communications, biotechnology, agriculture, and manufacturing.
Judith emphasised EXIM’s commitment to providing banking and financing facilities to Omani companies and small and medium enterprises (SMEs) to help them access the US market.
The US official pointed out that the MoU between EXIM and Oman’s Ministry of Finance signifies a new chapter in the economic and trade cooperation between the two countries, building on the Free Trade Agreement that took effect in early 2009 and has effectively strengthened investment relations.
She further said that the MoU will benefit private sector institutions in Oman through various financing tools provided by EXIM, enabling them to expand, prosper, and create job opportunities, thereby contributing to the growth and development of the Omani economy.
In a press statement posted on EXIM’s website, Judith said, “Economic ties between the US and Oman reach back more than 230 years, and we are always looking to grow our commercial and economic relationship. That’s why we signed a $500mn MoU last February with Oman’s Ministry of Finance and why we are eager to explore collaborative sectors including wireless communication, biotechnology, agriculture, and manufacturing. EXIM is committed to supporting Omani businesses that wish to partner with US businesses in these sectors.”
The MoU aims to enhance economic cooperation between the two sides in areas related to financing trade, goods, and services. It also seeks to provide financial facilities for establishing projects in the industrial sector across various fields, including wireless communications equipment, fifth-generation networks, biotechnology, renewable energy, agriculture, water and wastewater treatment, mining, and manufacturing.
During her trip, Vice Chair Judith also met with Oman’s Minister of Commerce, H E Qais al Yousef, and Khalid al Shuaibi, Head of Oman’s National Program for Investment & Export Development (Nazdaher).
Additionally, she held roundtable discussions with the banking and business communities, including EXIM presentations for the Oman Chamber of Commerce and Industry (OCCI) and the Oman American Business Council (OABC).
In these meetings, Judith focused on fostering existing partnerships and creating new ones, highlighting EXIM financing in the telecommunications, renewable energy, and space sectors.
She also underscored the lending flexibilities offered under EXIM’s China & Transformational Exports Program (CTEP) and the availability of EXIM’s new Make More in America (MMIA) initiative for Omani businesses interested in building or expanding manufacturing facilities in the US, where there is a sufficient export nexus.
