MUSCAT: Oman Development Bank (ODB) expressed pride over the directives of His Majesty Sultan Haitham bin Tarik, noting that the Royal directives reflect His Majesty’s keenness on the need to utilize all resources to achieve economic growth that the government strives to achieve in order to realize prosperity and well-being for Omani citizens in accordance with the objectives of Oman Vision 2040.
A statement issued by ODB said, “The bank works diligently under the supervision and follow-up of the Ministry of Finance to enhance its integrated development role. It acts in conjunction with all relevant authorities to achieve its desired goals in all governorates of Oman in a manner that enhances economic activity in each governorate in particular and in accordance with the comparative advantage of each governorate and its economic potential.”
The ODB stressed its resolve to promote its developmental role by providing various financing products that meet the needs and requirements of projects of all categories, large, small and medium, including self-employment projects, to keep pace with developments in the local and global market.
ODB in a statement to Oman News Agency (ONA) said that the bank's operational plans, starting from 2023, focus on directing financing to value-added projects serving the local economy, according to the comparative economic advantage of each governorate. The overall aim is to achieve local economic integration by establishing partnerships with relevant authorities to ensure harmony of efforts and promote development in various governorates.
The ODB seeks to enhance decentralization, said the statement, stressing that the bank’s financing plans focus on promising economic sectors, in addition to activities related to the 4th Industrial Revolution (4IR).
The statement points out that ODB will also work in line with the government efforts to preserve the environment in a bid to reach zero carbon emissions by 2050. It also seeks to support green economy projects and localize more industries in Oman that would contribute to the country’s drive to enhance development, improve trade balance and provide more job opportunities for its citizens.
Concluding its statement, ODB indicated that the lending portfolio stood at approximately RO 190 million by the end of 2022 and is hoped to exceed RO 300 million by the end of 2025. -- ONA
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