ODB adds four new fields for development loans

MUSCAT: Oman Development Bank (ODB) announced that it has introduced four new funding fields for the development sectors namely logistics, mining and quarries, water supplies, sanitary drainage and wastes and installations to keep pace with the bank’s funding activity and ensure its integration with the government’s development plans and strategies.
The aim of this move is to achieve the development goals for which this bank was established, especially the objectives of the 9th five-year development plan (2016-2020).
He pointed out that the rapid changes in the local investment market, which was associated with the increase in the funding activities from high added value and important socio-economic activities led to a growing need for funding tools that augment investment in the added value production and service sector.
He added that the logistics sector, one of the new added fields for funding, is one of the prioritized sectors at the government’s development plans, especially the 9th five-year development plan due to the high value from this sector. The sector will also ensure making optimum use of the advanced infrastructure in the Sultanate including ports, airports, industrial estates and free zones. The sector will also contribute to creating diversified job opportunities for Omanis.
The bank affirmed that its finance for the mining and quarries sector comes in a bid to keep pace with the developments witnessed by the mining sector, which is one of the promising and targeted sectors in the 9th five-year development plan as the sector can increase the added value of the local minerals and contribute to diversifying sources of national income. It will also contribute to reducing reliance on oil products, especially the global demand for local minerals is witnessing a constant growth.
The bank added that the finance for the water supplies, sanitary drainage and wastes is due to the social, environmental and developmental importance of these activities and the role they play in enhancing high local added value, such as the creation of job opportunities for Omanis and business opportunities for SMEs. — ONA