Oman Development Bank ( ODB ), since establishing and up to July 30, has offered more than 23,000 loans to small beginner investors and craftsmen which are all interest-free. ODB offers developmental loans to different economic sectors in the Sultanate, with more focus on small and medium enterprises (SMEs) of RO 5,000 as a loan limit.
According to terms and conditions set by the bank for funding loans where project capital doesn’t exceed RO 20000, ODB provides funding 90 per cent of the total cost of a single project, with one loan maximum limit is RO 5000. The interest is zero and the loan term extends to 6 years, in addition to one extra year as a grace period. Repayment is on quarterly instalments.
Sector-wise loans and amounts:
Economic Sector Number Total value of loans (RO)
Fisheries 14,597 42,505,043
Agriculture& livestock 6,096 25,816,054
Education& health service 224 932,837
Tourism& public service 1,441 6,461,324
Wood and paper industries, printing press and metals industry 302 1,377,903
Machinery and electrical equipment manufacturing, telecommunications and transportation 610 2,822,369
Mining, building materials and metals 313 1,327,911
Textile, leather and footwear 122 481,212
Food stuff and beverage 50 192,380
Chemicals, petrochemicals and oil 40 467,077
Total 23,795 82,384,108
Oman Daily Observer
