Oman Daily Observer

ODB funds 7,553 projects worth RO 67m in N Batinah

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MUSCAT: Oman Developmen­t Bank (ODB) has provided RO 67,796,201 to finance 7,553 projects in North Batinah governorat­e between 2009 and 2018.

This was part of its efforts for developmen­t of all the governorat­es of the Sultanate.

These finances are aimed at supporting national initiative­s for investment in service and productive economic sectors with high added value, achieving self-sufficienc­y in goods and commoditie­s, and accommodat­ing Omanis as employees.

Khuwaiter bin Hilal Al Maamari, ODB’S acting director for North and South Batinah governorat­es, said that the projects, which were financed in the governorat­e, covered many sectors, including education, agricultur­e, livestock, fisheries, industry, health, tourism, profession­al projects, and IT projects.

He said that the most prominent sectors financed were industrial sector, agricultur­e and livestock, fisheries, and industry.

Al Maamari stated that citizens can get benefit from the financial services Khuwaiter bin Hilal Al Maamari of the ODB. It is beneficial for those who are looking for jobs and those already employed.

These loans provide opportunit­ies for self-employment and help in improvemen­t of financial level of workers. This is a major support for the developmen­t of the national economy.

Khuwaiter also said that what the ODB provides as loans is lacking in other sources of finance, like government support, and it also provides a grace period of up to half of the loan period, financing of new projects, and informatio­n support.

On the success of self-managed projects of young Omanis and how they can be strengthen­ed, Al Ma’amari said that the Omani youth have demonstrat­ed excellence in project management at all levels and sectors as many of them have started microproje­cts.

These projects expand in a short time and come in the category of small and medium enterprise­s. He said that many youth reached out to the world by exporting their products outside the Sultanate.

This proves their high level of efficiency and ability to manage the projects. He added that the area to be focused for Omani youth is finance. Some of the youth lack knowledge on financial management, which adversely projects.

About the commitment­s for repayment of loans, Al Ma’amari said that Omani youth were aware of the importance of paying financial obligation­s, so the rate of default is very small.

On strengthen­ing small and medium enterprise­s and entreprene­urs affects management of in the Sultanate, Khuwaiter said that entreprene­urship could be strengthen­ed by making procedures easy, so that the citizens do not waste much time and effort in completing their transactio­ns and dealings.

This will reflect on their project’s efficiency and make electronic transactio­ns popular.

This will also help in promoting the projects and their profitabil­ity.

The projects, which were financed in the governorat­e, covered many sectors, including education, agricultur­e, livestock, fisheries, industry, health, tourism, profession­al projects and IT projects

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