Oman Development Bank finances 1,388 projects in Masirah

Muscat: Oman Development Bank (ODB) has financed 1,388 projects in Masirah by extending funds worth OMR5.73 million between 2009 and September 2017.
Youssef bin Ibrahim Al Shezawy, Regional director of ODB for South Al Sharqiyah, said that the number of micro-projects that were financed reached 1,315, with a total amount of OMR4.10 million, which represents 95 per cent of all the projects financed in the governorate.
An exhibition of projects financed by the bank organized under the auspices of Sheikh Ahmed bin Muhammad Al Hadaby at the Ministry of Civil Services. A forum for enabling the small and medium enterprises was organised by Oman Development Bank in cooperation with Oman Chamber of Commerce and Industry in the Wilayat of Masirah in South Al Sharqiyah Governorate.
The increase in the number of the micro-projects that were financed reflects the role played by the bank in promoting self-employment of the citizens of the governorate, especially as the loans were provided without any interest.
This is with the framework of the bank’s support provided for the production and service projects with added value aiming at achieving self-sufficiency and increasing income diversity in the Sultanate and all the projects are in line with the economic activities practised by the local citizens.
The number of SMEs financed by ODB reached 73 projects with a total amount of OMR1.64 million.
The projects were centered on several economic activities, as the bank financed 1,306 projects in fisheries, which is 93 per cent of the total number of financed projects. ODB financed 44 projects in mining (3 per cent), 14 projects in the field of professional and tourist services (1 per cent). In the field of agriculture and livestock, ODB financed 35 projects, which constitutes 3 per cent of the total number of financed projects.
Al Shezawy in his paper also discussed the importance of SMEs, which represents 90 per cent of the Sultanate’s economy, the bank’s role in supporting the institutions, the facilitations and advantages provided, the loan repayment period and the targeted fields were also mentioned in the paper. The bank also helped identify the investment opportunities targeted in the economic fields, and the condition for development finance.
Nasser bin Mubarak Al Alawy presented a paper to the public authority for small and medium enterprises about entrepreneurship and how to find job opportunities for citizens.
The sponsor of the ceremony toured the exhibition of projects financed by the bank in the state. He listened to the briefs about the projects managed by some of the Omani youth in a variety of fields. He also pointed out to entrepreneurship initiatives for the small and medium enterprises, and its role in promoting self-employment in the governorates.