Oman Development Bank (ODB) has provided a total RO32mn worth of loans to more than 5,000 SMEs during the first ten months of 2019.

In a press release, Talal al Zadjali, director of Small and Medium Enterprises (SMEs) department at ODB, said that the bank’s strategic plan was to enhance the financing to SMEs by increasing the loan portfolio, diversifying products or creating new products to suit the aspirations of entrepreneurs.

He said that the number of new SME development projects supported by the government for which the ODB provided loans from January till October this year reached 294. The total amount of financing it provided was RO12.847mn. These projects which got ODB’s financial support were of various production and services sectors expected to help achieve self sufficiency. 

Zadjali said that Oman Development Bank attached the importance to development financing which is aimed at promoting entrepreneurial initiatives in the sultanate and empowering entrepreneurs. He said that the number of micro-projects financed by Oman Development Bank in the same period this year stood at 4,795. They got loans worth RO19.61mn.

Zadjali further pointed out that the bank is keeping pace with the government’s financing plans for the industrial, agricultural, fisheries and tourism sectors or the new sectors that the government focuses on in its plans for economic diversification such as logistics and mining. 

He added that Oman Development Bank was innovating its financing programmes for entrepreneurs. For that purpose, the bank is studying the market so that it marches with the requirements.