ODB grants 4,444 loans worth RO 39.5m

MUSCAT: Oman Development Bank (ODB) has approved 4,444 development loans worth RO 39.50 million in the first ten months of the current year. Approvals were granted for loans across economic sectors and governorates.
The number of loans issued by different branches of ODB during the period stood at 4,444, an 18-per cent increase over last year during the same period.
A total of 400 loans worth RO 18.94 million were granted by the main branch of ODB, a four-per cent jump.
Region-wise, Muscat received 25 per cent of the total loan amount, which comes to RO 9.93 million. Musandam saw a 124-per cent rise in the quantum of loans received.
Interest-free loans accounted for 30 per cent of the loans, with the value exceeding RO 11.69 million. Loans worth RO 7.42 million were approved for large projects and their expansions. Working capital loans amounted to RO 9.20 million.
The manufacturing sector topped the list with RO 21.196 million, accounting for 54 per cent of the total value of loans. Agriculture and livestock sector came in second, received 15 per cent of the total loans, valued at RO 5.976 million. Education sector received 115 loans, a 64-per cent rise over last year.
On the other hand, the quantum of loan granted in the health sector declined 58 per cent to RO 563,000.
ODB’s loan schemes reflect the bank’s strategy to encourage investment, diversify sources of income and achieve self-sufficiency in commodities and goods, apart for creating job opportunities for Omanis.