ODB Saham offers loans worth around RO 300,000

Yasir bin Mohammad bin Ashraf al Zadjali, Director of ODB’S Saham branch, said that the branch gave 39 seasonal loans with a total value of RO 294,455. He said that these seasonal loans are important due to their role in achieving food security in country and its benefits to the farmers.

He said that the ODB provides finance between RO 5,000 and RO 50,000 for the seasonal agriculture. The amount of funding is decided by the targeted product of the season. The loan term is nine months. He said that the loans beyond RO 5,000 required personal guarantee and is available on minor interest. It covers 70 per cent of the cost of production, in order to provide the requirements of agricultural production, marketing and packaging.

The statement was made during the ODB Saham branch seminar entitled ‘Grow together -2’.

The seminar was organised under the auspices of Shaikh Sabaa bin Hamdan al Saadi, Secretarygeneral of the Supreme Committee for National Day Celebrations, at Waha Al Saadah Private School’s theatre in Wilayat Al Khabourah. The seminar began with the presentation of a drama by the students of the Jawharah Al Nahda Private School. The drama was on the contribution and efforts of the Omani Development Bank (ODB) in supporting and financing small and medium enterprises in all development sectors.

A seasonal loan is aimed at financing all seasonal vegetable crops, especially those with economic value and production potential in the Sultanate, such as pepper, cucumber, melon, tomatoes, cabbage, potatoes and wheat.

The ODB gives special importance to the agriculture, in line with the ninth five-year plan which has made the sector one of its main axes for development.

Sa’id bin Abdullah al Kharousi, Chairman of the Farmers’ Association, gave a visual presentation, to introduce the association and its objectives, stages of establishment and its basic rules and regulations.