ODB approves development loans worth over OMR 23 million

Muscat: Oman Development Bank (ODB) has approved 10 development loans with a value exceeding OMR 23 million for a variety of projects in the of manufacturing, tourism, health and entertainment sectors.

The bank stated that the projects will contribute to creating more than 700 new job opportunities, with an employment rate of up to 40%.

These projects will also contribute to finding appropriate programs that are in line with decentralisation and giving greater powers to supervision offices and branches of the bank in the governorates of the Sultanate of Oman.

ODB witnessed a remarkable growth in the first quarter of this year in the level of lending, which exceeded 77% compared to the same period last year.

These loans came as a translation of the royal orders of His Majesty the Sultan, to raise the lending ceiling in the bank to 5 million Omani riyals.