Muscat: Oman Development Bank (ODB) in cooperation with the Ministry of Agriculture, Fisheries and Water Resources approved development loans worth OMR10.091 million for agricultural projects affected by tropical cyclone Shaheen.
The number of loans approved stood at 249 loans meeting all terms out of 415 applications received, studied and analysed by the bank in terms of damages, economic feasibility of the project and other evaluation criteria taking into account restoration of agricultural projects in the wilayats of Barka, Al Musanah, Al Suwaiq, Al Khaboura, Saham and Ibri and sustainability of such projects in the medium term and the long term and their significance in achievement of food security and the reasonable income for owners of projects.
Hamad bin Salim Al Harthy, Acting Chief Executive Officer of ODB said that the management of the loans programme specified for projects affected with Tropical Cyclone Shaheen comes within achievement of the main goals for which the bank was established including offering loans for value added projects among other objectives. A joint committee has been formed to review the applications of loans, he added.
Dr. Khair Al Busaidi, Director of Agriculture Guidance and Production Department at the of Agriculture, Fisheries and Water Resources of Agriculture, Fisheries and Water Resources expressed the keenness of the Ministry on cooperation with Oman Development Bank for achievement of the goals for which the loans are offered.