Muscat - The Development Bank will finance 510 school buses as part of the plans to replace 1,000 school buses for the first phase, in partnership with the Ministry of Education and Karwa Motors.
The value of the financing is RO11.475 million without interest since the launch of the project in 2024.
The director of Financing Small and Medium Enterprises at the Development Bank said that interest-free bus financing is one of the important projects of the bank.
He added that since its launch in March 2024, the project has managed to finance school buses without interest, at a rate of RO22,500 per bus.
The role of the Development Bank in this initiative is to provide the necessary financing to bus owners, provided that the beneficiaries are nominated by the Ministry, and it approves the financing procedures according to the internal regulations and issues purchase orders to Karwa Motors Company to manufacture the buses and then deliver them to the beneficiaries.
The financing is interest-free and extends for 9 years, taking into consideration the beneficiaries of school bus owners.
The project aims to to replace old school transportation with new means of transportation lies in providing the highest standards of security and safety, as they are equipped with the latest monitoring and tracking systems, as they are safe, comfortable, and smart means of transportation for transporting students from their homes to their schools, and training their drivers to obtain a preventive driving license.
The Ministry of Education aims to replace 5,000 old buses with new ones over five years, focusing on the oldest buses first, which reduces the risks associated with old vehicles.
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