Muscat: Oman Development Bank (ODB) has announced that it will fund projects in four new sectors - logistics, mining and quarries, water supplies, and waste management, in a bid to support the government's development plans and strategies.
Plans call for reaching the development goals for which the bank was established, especially the objectives of the 9th five-year development plan.
The rapid changes in the local market, which was associated with the increase in funding activities from high value addition and important socio-economic activities, led to a growing need for funding tools that augment investment in the added value production and service sectors.
The logistics sector, a new added field for funding, is one of the prioritised sectors in the government's development plans, especially the ninth five-year development plan, due to the high value of this sector. The sector will also ensure it makes optimum use of the advanced infrastructure in the Sultanate, including ports, airports, industrial estates and free zones. The sector will contribute to creating diversified job opportunities for Omanis.
The bank affirmed that its financing the mining and quarries sector comes in a bid to keep pace with the developments witnessed in the mining sector, which is one of the promising and targeted sectors in the ninth five-year development plan, as the sector can increase the added value of the local minerals and contribute to diversifying sources of national income. It will also contribute to reducing reliance on oil products, especially in focusing on the global demand for local minerals, which is witnessing a constant growth.
The bank added that financing water supplies, drainage and waste is a reflection of the social, environmental and developmental importance of these activities, and the role they play in enhancing high local added value, such as the creation of jobs for Omanis and business opportunities for SMEs.
As for the financing of installation works, the bank believes that this sector is connected to a large number of lucrative economic activities that can create opportunities for Omani youths to replace expatriates currently employed in these positions.