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

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.