ODB approves loans worth RO 26.7 million

Muscat: Oman Development Bank (ODB) achieved high growth rates in credit performance during the first quarter of 2023. The value of approvals issued for loans of various categories amounted to RO 26.7 million, constituting an increase of 77% compared to the first quarter of 2022 when it stood at RO 15 million.

The converting industries sector is considered among the sectors most benefited from ODB financing during the first quarter of 2023, with a total amount of RO 8.4 million distributed over 485 loans. Those include industrial light workshop.

The total approved financing for the tourism sector during the first quarter of 2023 amounted to RO 4.9 million, benefiting 78 projects, with a growth rate of 386% compared to the same period in 2022 when the total amounts approved for tourism projects loans amounted to RO 1 million.

Moreover, the approved loans for the fisheries sector increased by 10% compared to 2022, bringing the value of financing to the sector to RO 4.3 million, distributed over 586 loans, to be ranked third in terms of the value of lending during the first quarter of 2023. Meanwhile, vocational and general services came fourth with a lending value of RO 3.1 million distributed over 299 loans.

The loans approved for the agricultural and livestock sector surged by 100% in terms of value and the number of beneficiaries. As many as 311 agricultural and livestock loans were approved, with a total value of RO 2.7 million.

Approved loans for the health sector registered the highest growth rate in terms of value, amounting to a significant increase of 509% compared to the first quarter of 2022 to stand at RO 1.8 million distributed over 14 loans. The total approved amounts in 2022 reached RO 300,000.

Loans for the educational sector achieved a slight growth of 3%, bringing the total value of loans approved for the sector to RO 1.4 million, distributed over 32 educational loans.

The bank financed a mining project with a total value of RO 100,000. ODB also seeks to increase its contribution to financing this promising economic sector, especially in mining projects that contribute to the localization of industries and projects based on innovation in converting raw materials into high-value products that have a big demand in the local and international market.

Hamad Salem Al Harthy, Acting CEO of Oman Development Bank, underscored that the bank seeks to a prominent contributor to the national economy and boosting value-added projects. He added that the bank targets high growth rates during its short-term operational plan (2023-2025). It is hoped that the size of the lending portfolio of ODB at the end of the plan will reach RO 300 million, with an annual rise of more than 15%.