Bank approves 3,000 development loans amid pandemic

Muscat: Oman Development Bank has approved 3,073 development loans approved across economic sectors this year.

This indicates a 1.7 per cent rise in lending activity over last year.

The bank has offered financing packages and facilities to small and medium enterprises as well as to the corporate sector to mitigate the repercussions of the pandemic.

Its loan portfolio has touched OMR173 million, registering an increase of 1.5 per cent over last year, the bank's board of directors was briefed during a meeting on Sunday.

Among the most prominent positive indicators this year is the growth in the collection of loan installments: 7.9 per cent compared to last year's 7.2 per cent.

South Al Sharqiyah Governorate got the largest share of the bank's loans, both in value and numbers. Muscat Governorate came second, followed by North Al Batinah Governorate.