Oman Development Bank provides OMR10m loan in Buraimi

Muscat: Oman Development Bank’s Buraimi branch has financed 1,389 projects starting from 2009 till the third quarter of 2017 in the agriculture, livestock, tourism, industry, education, and healthcare sectors with a total amount of OMR9.67 million.
This is part of the bank’s funding for developmental projects to achieve self-sufficiency in several industries, increase diversification of income by encouraging investors to finance production and service fields that has value addition, and provide job opportunities for national manpower, said a bank release.
The statistics were revealed during a promotional event held by the bank in Buraimi, where some successful projects that benefitted from the bank’s support were reviewed in the presence of researchers, entrepreneurs, and students.
The bank extended loans for 436 projects in agriculture and livestock sector with a total amount of OMR2.62 million. This was 32 per cent of the total number of loans provided by the bank. However, the number of projects funded by the bank in industrial sector reached 644 projects, which was 46 per cent of the total number of loans provided by the bank, with a total amount of OMR3.94 million.
Moreover, the number of tourism and professional projects funded by the bank in Buraimi reached 296 projects, which was 21 per cent of the total number of loans, with a total amount of OMR2.88 million.
In the educational and healthcare projects, the bank funded 13, which was 1 per cent with a total amount of RO 228,600.
The bank also financed ventures in Al Buarimi to develop projects, provide job opportunities, promote local products, and making it possible to export Omani products to foreign markets. Through such initiatives, the bank mainly aims to raise the awareness level for free business and entrepreneurship.
Furthermore, the micro-loans provided for small investors in ODB Buraimi branch reached 1,283 loans, with a total of 92 per cent of the total amount of loans provided by the bank in the period starting from 2009 till the third quarter of 2017. The total amount disbursed was OMR5.16 million. As for the small and medium loans, the bank extended loans worth OMR3.40 million for 102 projects.