MUSCAT: Oman Development Bank (ODB) has funded 2,949 loans between January and June 2017 as against two 2,835 loans during the same period last year, with a growth rate of about 4 per cent.
The total value of loans was RO 29,727,530 compared to RO 26,420,576 for the same period in 2016, showing a growth of 14 per cent.
The steady growth rate in loan sanctions and their amount proves the approach of ODB in supporting different productive sectors in the Sultanate which helps the national economy and the country’s development, the bank said. The bank adheres to the general strategy of the state and successive five-year plans.
The bank also plays a big role in supporting small and medium industries in the Sultanate providing interest-free loans for promoting professionalism and craftsmanship that aim at providing job opportunities to the citizens. The bank is also committed to the government’s approach that seeks to fund the development projects all over the Sultanate.
Al Sharqiyah South topped all governorates in terms of beneficiaries, as the number of loans was pegged at 529 during the first half of 2017, and showed an increase of 64 additional loans, compared with the same period of 2016.
Al Batinah North came second among the beneficiary governorates, based on the number of funded loans, which reached 525 in the first half of 2017, up from 427 loans during the same period last year.
Al Batinah South Governorate was ranked third according to the number of funded loans which reached 414, and the total funds allotted reached RO 4.39 million.
In the Governorate of Muscat, the number of loans reached 297, with 10 per cent of the loans being funded by ODB, and the amount reached about RO 9.41 million.
Musandam, a sought after tourist destination, comes after Muscat on the beneficiary list of loans, with a 9-per cent of the total number of loans funded during the first half of 2017. A total of 279 loans amounting to about RO 1.13 million were disbursed.
Dhofar Governorate received 225 loans worth about RO 1.47 million, followed by Al Buraimi with 171 loans worth about RO 1.66 million.