Thursday, July 25
01:50 AM

ODB gives RO16mn loans for projects


Oman Development Bank (ODB) has pumped more than RO16mn into value-added economic projects in Al Wusta Governorate, including RO8mn for the Special Economic Zone at Duqm (SEZAD).

ODB said that the fisheries sector benefited most from the bank’s funding of projects in the SEZAD, with RO2.8mn distributed into 159 loans in the fisheries sector.

The tourism sector ranked second in terms of ODB financing, garnering a total of RO2.6mn for 16 loans in hotel, motel and tourism resort businesses.

ODB seeks to keep pace with the SEZAD’s development efforts through the introduction of more than 45 loans, worth more than RO1.26mn, for various industries.

Hamad al Harthy, head of the department responsible for financing small, medium and micro projects at ODB, said that the lending portfolios dedicated to the SEZAD have seen steady growth (more than 47 per cent) during the current year.

Harthy added that more growth is expected to occur upon the start of operation of mega projects in the SEZAD.

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