ODB holds orientation workshop to finance mining sector

BUSINESS REPORTER – MUSCAT, MAY 29 – Oman Development Bank (ODB) held an orientation workshop for the bank’s regional and department heads to familiarise them with the mining sector and activities. The participants were introduced to the geological characteristics of the Sultanate and the mining sector’s role in economic diversification.
The workshop also focused on metals and metal activities in the Sultanate, and provided a first-hand understanding of the geological surveys and metal projects.
This workshop was held within the framework of the bank’s decision to open up financing for the mining sector for the first time, as it’s one of the five sectors that the bank seeks to develop according to the ninth five-year plan, realising its contribution to the country’s economic diversification as well as the promising economic opportunities that this sector offers.
Experts from the Mining Authority briefed the participants about the legal framework that organizes the mining and metals sector, the general strategy of mining, investment opportunities and the economic importance of the sector.
The Assistant General Manager of Commercial Banking at Oman Development Bank, Eid Bin Khair al Baloushi, said, “The workshop was held at a time when the bank is considering the financing of investment projects in the mining sector. The workshop offered an opportunity for ODB staff to know the Mining sector and its contribution to the gross domestic product (GDP), the sector’s capacity to attract investments, and the methods of assessing the commercial feasibility of mining projects that require funding.”