ODB disburses 3,984 loans worth RO 37 million in eight months

MUSCAT: The Oman Development Bank (ODB) has disbursed from January until August of this year 3,984 loans in different governorates in the Sultanate, with a value of RO 36,736,497.

The loan disbursal is within the framework of the bank’s strategy to enhance economic diversification as part of the government’s strategy to fund developmental projects in the Sultanate.

The industrial sector was provided with 1,442 loans, representing 36 per cent of the total number of loans provided by the bank. The total amount that was given for this sector reached RO 16, 652, 650.

The industry and crafts sector formed 78 per cent of the total amount of loans disbursed for the economic sectors. A major part of the loans has been disbursed to the industrial sector as the bank wanted to increase investment in the industrial areas in the various governorates and to cooperate with the government strategy of expansion in industrial investments and industrial zones.

ODB disbursed 1,152 loans to the fisheries sector representing 29 per cent of the total loans, with a value of RO 4,798,651. The sector came second in the number of loans disbursed by the bank. The Agriculture and Livestock came third when it comes to the number of loans given by the bank, as they were provided with 657 loans, which represents 16 per cent of the total number of loans given, with a total amount of RO 4,216,974. A total of 600 loans were disbursed by the bank to general professional services, which is 15 per cent of the total number of loans, with a total amount of RO 3,936,053.

A total of 79 loans were provided by ODB for the education sector representing 2 per cent of the total number of loans, with a total amount of RO 2,972,220. The bank funds projects in the field of education, like establishing private schools, colleges, and universities.

In the health sector, the number of loans reached 23, with a total amount of RO 1,610,675. For the tourism sector, 31 projects were funded by the bank with a total amount of RO 4,594,275.