ODB disburses loans worth OMR35mn

Times News Service

MUSCAT: The number of loans extended by the Oman Development Bank (ODB), the leading bank in the Sultanate in terms of development financing, to various productive and service development sectors reached 3,062 between January and June 2018.

The total value of the loans extended by the bank throughout the Sultanate’s governorates stood at OMR35.12 million, representing an 18.4 per cent increase over the same period last year, while the development lending growth rate increased by 4 per cent.

The increase in lending is part of ODB’s efforts to support economic development in the Sultanate and direct national investments to productive areas with additional value to encourage self-reliance in terms of commodities and goods and create jobs for Omanis. country’s industrial sector, in line with the Sultanate’s policy of industrial development and investments to diversify the country’s sources of income.

The fisheries sector ranked second, receiving 760 loans or 25.4 per cent of the total number of loans extended by the bank. The loans granted to the sector were valued at OMR4.21 million, which is 12.4 per cent of the total value of loans. The fisheries sector is one of the major productive sectors financed by the bank in a bid to increase employment opportunities.

Meanwhile, the agriculture and livestock sector ranked third in terms of total number of ODB loans received, with 517 loans worth OMR4.09 million, representing 12.4 per cent of the total value of loans.

The number of loans disbursed by the ODB to the professional services sector increased to 414, equivalent to 14.4 per cent of the total number of loans. These loans were valued at OMR3.22 million, which is 9.4 per cent of the total value of loans.

The number of tourist loans in the first half of this year increased by 4.4 per cent to 130, the value of which totalled OMR5.62 million, which is 16 per cent of the total value of loans provided by the ODB.