ODB disburses loans worth OMR35mn

Business Tuesday 17/July/2018 14:34 PM
By: Times News Service
ODB disburses loans worth OMR35mn

Muscat: The number of loans extended by the Oman Development Bank (ODB), the leading bank in the Sultanate in terms of development financing, to various productive and service development sectors reached 3,062 between January and June 2018.
The total value of the loans extended by the bank throughout the Sultanate’s governorates stood at OMR35.12 million, representing an 18.4 per cent increase over the same period last year, while the development lending growth rate increased by 4 per cent.
The increase in lending is part of ODB’s efforts to support economic development in the Sultanate and direct national investments to productive areas with additional value to encourage self-reliance in terms of commodities and goods and create jobs for Omanis.
Statistics from the ODB showed the industrial sector was the top beneficiary of the loans extended by the bank, with 1,133 loans received, representing 37.4 per cent of the total number of loans. The total value of the loans granted to the sector stood at OMR13.36 million, equivalent to 38.4 per cent of the total value of ODB loans, indicating strong ODB support for the country’s industrial sector, in line with the Sultanate’s policy of industrial development and investments to diversify the country's sources of income.
The fisheries sector ranked second, receiving 760 loans or 25.4 per cent of the total number of loans extended by the bank. The loans granted to the sector were valued at OMR4.21 million, which is 12.4 per cent of the total value of loans. The fisheries sector is one of the major productive sectors financed by the bank in a bid to increase employment opportunities.
Meanwhile, the agriculture and livestock sector ranked third in terms of total number of ODB loans received, with 517 loans worth OMR4.09 million, representing 12.4 per cent of the total value of loans.
The number of loans disbursed by the ODB to the professional services sector increased to 414, equivalent to 14.4 per cent of the total number of loans. These loans were valued at OMR3.22 million, which is 9.4 per cent of the total value of loans.
The number of tourist loans in the first half of this year increased by 4.4 per cent to 130, the value of which totalled OMR5.62 million, which is 16 per cent of the total value of loans provided by the ODB.
The education sector, meanwhile, received 70 loans from the ODB in the last six months, representing 2 per cent of the total number of loans. The total value of these loans reached OMR1.71 million, which is 16 per cent of the total value of loans provided by the bank.
The South Al Sharqiyah governorate was the top beneficiary in terms of the geographic distribution of development loans, with the number of loans granted to the wilayats of the governorate totalling 535, equivalent to 17 per cent of the total number of loans. These loans were valued at OMR5 million, which is 14 per cent of the total value of loans.
The South Al Batinah governorate ranked second, receiving 498 loans or 16 per cent of the total number of loans. The value of these loans stood at OMR3.79 million or 11 per cent of the total value of loans.
Dhofar governorate was the third largest beneficiary, having been granted 460 loans or 14 per cent of the total loans, with a total value of OMR2.27 million, which is 6 per cent of the total value of loans.