According to an official announcement, the Oman Development Bank has boosted the economy by issuing loans for diverse sectors such as food, minerals, healthcare, tourism, and logistics.
On Tuesday, the banking institution’s board of directors approved loans totaling more than 14 million Omani rials ($36.3 million) for various economic initiatives in Al-Buraimi, Dhofar, Al-Batinah, and Muscat.
According to the ODB, these loans will create job possibilities for young people, reduce imports, and increase exports.
The board of directors recommended the bank’s executive management to continue accomplishing the operational strategy for 2023 and sustaining the needed growth levels after reviewing the performance data for the first half of 2023.
The board of directors addressed the latest advancements in the bank’s digital transformation project, which, according to the bank, would overhaul its business model and automate its entire operations. As a result, the bank’s financing services for investors will be improved.
The board also recognised the private sector’s critical role in encouraging economic growth by bringing high-added-value projects to the national economy and capitalizing on the governorates’ comparative advantage in accordance with the country’s urban strategy.
The board also praised the outcomes of the development and business forums, as well as the investment prospects worth 100 million rials presented through over 1000 opportunities.
Furthermore, the directors reviewed the commercial potential that the bank is developing in the governorates in collaboration and partnership with the governors’ offices in order to contribute to the area’s development plans in order to accomplish the Omani Vision 2040.
Following up on initiatives backed by his bank, board chairman Mohammed bin Abu Bakr Al-Ghassani visited a number of development projects in Dhofar last month to monitor their growth potential and evaluate the obstacles the projects are encountering.
The chairman also paid visits to Dhofar’s Nahr Alhayah Water Factory and Salalah’s Sumhuram Incubator. The visits were conducted to go over the youth projects and talk about methods to encourage and assist them.
According to the ODB website, the bank makes 4000 loans for more than 70 million rials each year.
Source: Arab News