MUSCAT: Oman Development Bank (ODB) provided 4,639 loans last year with a growth rate of 7 per cent compared to 2013. The value of projects financed by ODB reached OMR42.33 million in different production and service sectors of high added value to the national economy.
Such projects contribute into supporting the governmental policies aiming to diversify the sources of income and achieving a self-sufficiency of national products that limit the imports and create job opportunities for the national cadres.
The value of loans provided by ODB constituted 60 per cent of the investment cost of the projects financed in all the governorates of the Sultanate as part of the efforts exerted by the bank to motivate investors promoting their investments in different economic sectors in line with the governmental plans aiming to encourage the private sector’s investment in the economic sectors.
On this occasion, Hamad bin Salem Al Harthi, acting general manager of the bank said: “ODB is leading development finance institution in the Sultanate that contributes into implementing a sustainable development plan according to sound financing criteria. The financing efforts exerted by the bank contribute into a high added value to the Omani economy.”
“The bank the financed more than 4,666 production and service projects in various wilayats of the Sultanate with a value of more than OMR42 million last year. This is clear evidence of the bank’s sound approach in financing the development projects,” he explained.
He indicated that the agricultural, livestock and fisheries projects accounted for 64 per cent of the total number of projects that benefited from the loans provided in 2014. The fisheries projects received 37 per cent of such loans with a value of OMR7.03 million. Such projects constituted 17 per cent of the total value of the granted loans. The agricultural loans constituted 27 per cent of the total number of loans provided by the bank in 2014 with a value of OMR6.89 million. This represents 16 per cent of the total value of the granted loans.
“The loans reflect the extent of the ODB’s contribution into developing the main economic sectors of added value that enhance the food security and support the governmental plans in this respect. Large numbers of Omani citizens are working in these projects.” Al Harthi pointed out.
“The tourism and professional services sector constituted 14 per cent of the total value of loans provided by the bank in 2014. Altogether 203 recipients benefited from ODB loans in this sector constituting 4 per cent of the total beneficiaries in different economic sectors,” the acting general manager said.
