ODB ap­proves 2,949 loans, dis­burses over RO29mn in the first six months

Muscat Daily - - NATION -

Muscat - Oman Devel­op­ment Bank (ODB) has ap­proved 2,949 loans be­tween Jan­uary and June 2017 as against 2,835 loans dur­ing the same pe­riod last year, with a growth rate of about four per cent.

The to­tal value of loans in the first half of 2017 was RO29,727,530 com­pared to RO26,420,576 dur­ing the same pe­riod in 2016, with a growth of about 13 per cent, stated a press re­lease.

This steady growth rate of loans and their fi­nan­cial val­ues proves the ap­proach of ODB in sup­port­ing dif­fer­ent pro­duc­tive sec­tors in the sul­tanate which form the main foun­da­tion in boost­ing the na­tional econ­omy and the coun­try’s devel­op­ment. The bank ad­heres to the gen­eral strat­egy of the state and suc­ces­sive five-year plans.

The bank also plays a big role in sup­port­ing small and medium in­dus­tries in the sul­tanate via the sys­tem of in­ter­est-free loans in the con­text of pro­mot­ing pro­fes­sional and crafts­man­ship fields that aim at pro­vid­ing job op­por­tu­ni­ties for the cit­i­zens.

South Shar­qiyah has topped all other gov­er­norates in the ben­e­fi­ciary list as the num­ber of loans ap­proved reached 529 in the first half of 2017 with an in­crease of 64 more loans than in 2016. A to­tal of 465 projects were funded and a to­tal of RO3,336,675 was re­leased in the first half of 2017 com­pared to RO2,986,271 dur­ing the same pe­riod of 2016.

North Bati­nah came sec­ond among the ben­e­fi­ciary gov­er­norates based on the num­ber of ap­proved loans which reached 525 in the first half of 2017 com­pared to 427 in the same pe­riod last year.

With an in­crease of 98 loan ap­provals, North Bati­nah ac­counted for 18 per cent of the to­tal loans that the bank funded in the first half of this year which amounted to RO3,475,893. The gov­er­norate has in­dus­tries, es­pe­cially, in petro­chem­i­cals and alu­minium.

South Bati­nah gov­er­norate has been ranked third ac­cord­ing to the num­ber of loans ap­proved which reached 414 and the to­tal funds al­lot­ted touch­ing RO4,392,130. The gov­er­norate wit­nessed a mas­sive change in the num­ber of loans ap­proved com­pared to the first half of 2016 which saw only 266 ap­provals, and RO1,719,314 re­leased.

Promis­ing eco­nomic, tourism, com­mer­cial and lo­gis­tic ac­tiv­i­ties in ac­cor­dance with the gov­ern­ment guide­lines for eco­nomic diver­si­fi­ca­tion have al­lowed this in­crease in the num­ber and amount of loans disbursed.

In the Gov­er­norate of Muscat, the num­ber of loans reached 297 with ten per cent of the projects that ODB funded dur­ing the pe­riod and the amount reached about RO9,406,629. This shows a good growth com­pared to the same pe­riod in 2016 when the amount of loan was about RO7,308,263.

Mu­san­dam comes af­ter Muscat in the ben­e­fi­ciary list of loans with nine per cent of the to­tal ap­provals in the first half of 2017. A to­tal of 279 loans amount­ing to about RO1,130,575 were disbursed.

Dho­far gov­er­norate re­ceived 225 loans worth RO1,473,414 fol­lowed by Bu­raimi gov­er­norate at 171 loans worth RO1,665,500. North Shar­qiyah gov­er­norate re­ceived 145 loan ap­provals worth RO973,550. Al Wusta gov­er­norate bagged 160 loans worth RO1,641,550.

Dhahi­rah gov­er­norate got about 115 loans worth RO1,616,982 while Dakhliyah gov­er­norate re­ceived 89 loans worth RO731,612.

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