Oman Development Bank boosts development & employment

OMAN DEV BANK

Oman Development Bank (ODB) has announced provision of  4,639 loans last year with a growth rate of 7 per cent, compared to the previous 12 month period. The value of projects financed by ODB reached OMR42.33 million in a variety of production and service sectors, making a significant contribution to meeting government targets to diversify sources of income, alongside moves towards achieving greater self-sufficiency and creating increased  job opportunities for Omanis.

Hamad bin Salem Al Harthi, acting general manager of the bank said: “ODB is leading development finance institution across the Sultanate that contributes into implementing a sustainable national development plan according to sound financing criteria. The financing efforts exerted by the bank contribute into a high added value to the Omani economy.

“The bank the financed more than 4,666 production and service projects in various wilayats of the Sultanate with a value of more than OMR42 million last year. This is clear evidence of the bank’s sound approach in financing the development projects,” Harthi  explained. The agricultural, livestock and fisheries projects accounted for 64 per cent of the total number of projects benefiting from loans provided in 2014, he confirmed.

“The loans reflect the extent of the ODB’s contribution into developing the main economic sectors of added value that enhance the food security and support the governmental plans in this respect. Large numbers of Omani citizens are working in these projects,” Al Harthi pointed out.

The tourism and professional services sector constituted 14 per cent of the total value of loans provided by the bank in 2014, reflecting the bank’s commitment to helping develop the tourism sector in the Sultanate, he noted.

Harthi pointed out that the value of loans that went to the industrial sector constituted 46 per cent of the total disbursed in 2014. The industrial sector is considered a priority,  due to its important role as a driver for progress across various economic sectors in the Sultanate. Al Harthi went on to note that direct job opportunities created by ODB loans last year  created in excess of 10,500 jobs in local markets.

ENDS

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