Times News Service
Muscat: Oman Development Bank’s efforts to strengthen investments in the private sector, with special focus on industrial and service segments, across the Sultanate is paying off.
According to bank officials in the first quarter of the current year it has disbursed 1,394 loans totalling OMR13.60 million.
Oman Development Bank (ODB) said in a statement that Dhofar governorate came first in terms of the number of developmental loans provided by ODB in the first quarter of the current year. They numbered 254 loans forming 18 per cent of the total number of loans issued by the bank, with a value of over OMR1.35 million (10 per cent of the total value of loans provided by the bank).
Ash Sharqiyah North governorate followed with 231 loans, forming 17 per cent of the number of loans, and valued at over OMR1.70 million.
Al Batinah North governorate received 210 developmental loans (15 per cent of the number of developmental loans) worth over OMR2.30 million (17 per cent of the total loan value).
Musandam governorate came fourth at 154 loans forming 9 per cent of the total number of loans, valued at OMR588,780, while Muscat came fifth with 130 developmental loans, forming 9 per cent of the total number of loans worth over OMR4.68 million.
The governorate of Al Batinah South received108 loans (8 per cent of the total number of loans), worth OMR776,921, which is 6 per cent of the total value of loans.
The number of loans sanctioned in Al Wusta governorate reached74, forming 5 per cent of the total loans, with a value of OMR223,910, while the number of loans issued in Al Buraimi governorate stood at 69, forming 5 per cent of the total number of loans, and valued at OMR391,000.
Ad Dhahirah governorate received 58 loans, forming 4 per cent of the total loans, valued at OMR603,840, while Ash Sharqiyah South governorate received 54 loans, forming 4 per cent of the total number of ODB loans, and with a value of OMR262,300. Ad Dakhiliyah governorate received 52 loans (4 per cent of the total loans) worth OMR706,653.
The ODB press statement further states that the industrial sector topped the list of beneficiaries with 606 loans valued at over OMR7.59 million, constituting nearly 43 per cent of the total development loans issued by ODB in the first quarter. The sector received as much as 55 per cent of the total loan value.
The fisheries sector came second with 390 loans (28 per cent of the total number of loans) estimated at over OMR1.65 million (12 per cent of the total value).
Further, the ODB development loans for the agriculture and livestock sector numbered 282, constituting 20 per cent of the total number of loans. The loan amount exceeded OMR1.58 million accounting for 12 per cent of the total loan value in the first quarter.
The bank committed 31 loans to the educational and health services worth OMR775,169, while tourism and hospitality received 85 loans worth over OMR2 million.
Significantly, Oman Development Bank distributed as many as 1,265 small (with interest) and micro loans (interest free) worth over OMR6.67 million.
Meanwhile, the number of ODB working capital loans reached 120 in the first quarter, forming 9 per cent of the total number of loans. Their aggregate value exceeded OMR2.63 million (19 per cent of the total loan value).
Oman Development Bank issued seven large loans, valued over OMR3.8 million. On the other hand, the bank provided two medium loans with a total value of OMR495,000.