ODB approves loans worth OMR13.6m

MUSCAT: Oman Development Bank (ODB) approved 1,394 development loans during the first quarter of 2016 worth OMR13,609,708 in various high value-added service productive sectors of the national economy.

The loans are part of the efforts made by the Bank to promote private sector investments in productive activities and services in the country, as well as the provision of development finance for their investments.

The industry sector comes first in terms of development loan volume with 606 loans for industrial investment that constitute 43 per cent of the total number of loans granted by the bank. The loans worth OMR7,591,991 comprising 56 per cent of the value of loans provided by the bank.

The fisheries sector came second with 390 loans, constituting 28 percent of the total loans, worth OMR1,656,789 comprising 12 per cent of the value of the development loans provided by the Bank. The agriculture and livestock sector obtained 282 loans from ODB, with 20 per cent of the volume of loans, worth OMR1,584,893 constituting 12 per cent of the value of provided loans.

Education, health services

The number of loans provided to the education and health services were 31 loans, constituting 2 per cent of the number of loans, worth OMR775,169. The loans provided to the tourism sector and professional services were 85 comprising 6 per cent of the number of loans that worth OMR2,866,000.

In contribution to the delivery of all ODB products to all parts of the Sultanate, which results in the stability of citizens in their wilayats and the exercise of their traditional activities, the bank provided 1,186 small loans worth OMR4,459,964.

The number of small loans amounted to 79 loans, accounted for 6 per cent of the total number of loans with a total amount of OMR2,217,645 constituting 16 percent of the value of loans.