Oman Development Bank provides OMR10m loan

MUSCAT: Oman Development Bank’s Buraimi branch has financed 1,389 projects between 2009 and the third quarter of 2017 in the agriculture, livestock, tourism, industry, education and healthcare sectors, with a total amount of OMR9.67 million.

This is part of the bank’s funding for development projects to achieve self-sufficiency in several industries, increase diversification of income by encouraging investors to finance production and service fields that have value addition, and provide job opportunities for national manpower, said a bank release. The statistics were revealed during a promotional event held by the bank in Buraimi, where some successful projects that had benefitted from the bank’s support were reviewed in the presence of researchers, entrepreneurs and students.

The bank extended loans for 436 projects in the agriculture and livestock sectors, at a total amount of OMR2.62 million. This was 32 per cent of the total number of loans provided by the bank. However, the number of projects funded by the bank in the industrial sector reached 644, or 46 per cent of the total number of loans provided by the bank, at a total of OMR3.94 million. Moreover, the number of tourism and professional projects funded by the bank in Buraimi reached 296 projects, which was 21 per cent of the total number of loans, at a total of OMR2.88 million.

Of the educational and healthcare projects, the bank funded 13, which was 1 per cent of total loans, at a total amount of OMR228,600.

The bank also financed ventures in Al Buraimi to develop projects, provide job opportunities, promote local products and facilitate the export of Omani products to foreign markets.