Oman Development Bank clarifies stance on emergency loan program

Business Friday 17/July/2020 08:24 AM
By: Times News Service
Oman Development Bank clarifies stance on emergency loan program

Muscat: Oman Development Bank has issued an explanation about notes regarding the sponsors' requirement to benefit from the emergency loan program.

A statement issued by The Oman Development Bank said: "The bank follows what is being circulated on social media about the emergency loan program and the bank confirms that it welcomes all comments and opinions received and takes them into consideration in order to develop and improve the services and facilities provided to our valued customers.”

The statement added: "With regard to those comments received on the sponsors' condition to benefit from the emergency loan program, the bank would like to clarify that the sponsors' condition is one of several options placed in front of the beneficiary who can choose the method of guarantee that suits him, one among which is that the owner of the institution is a guarantor of his institution.”

“Also he has another option, that the bank accepts the mortgages that the beneficiary provides, such as the commercial registry mortgage or any other mortgages that he wishes to make,” the statement added and confirmed: "On what was mentioned in the topic of the lending ceiling, the bank clarifies that the ceiling was determined based on the large numbers of targeted projects in the emergency loan program, which are expected to exceed 25 thousand beneficiaries.”

"The Oman Development Bank confirms that the emergency loans program was established to address the immediate conditions to help some of the most affected groups, and the owners of projects, whether included or not included in the program, can benefit from other financing products provided by the bank. The bank invites everyone to communicate with the call center of the emergency loan program in case of any inquiries.”the statement added