Omantribune
Oman Tribune
Omantribune
Omantribune Search News
Web Oman
    Google Search Button
      Tribune
- Oman
- Soccer World Cup
- Other Top Stories
- Middle East
- Business
- Sports
- India
- Pakistan
- Asia
- Europe
- Americas
- Columnists
- Editorial
- Oman Mirror
- Special Features
- Cinema
- PDF Pages
- Weather
- Travel
- Currency Rate
- Hospitals
- Pharmacies
- Services
- Flight Timings
- Museum Timings
Omantribune Home Omantribune About Us Omantribune Advertising Information Omantribune Archives Omantribune Subscribe-Form Omantribune Jobs Omantribune Contact Us
Wednesday, October 01, 2014  

ODB lends 354m rials for projects
MUSCAT Oman Development Bank (ODB) provided 36,977 loans worth 354 million rials till last November since its inception. The bank allocated funds to all economic and developmental sectors in the Sultanate, said Eid Bin Khair Al Balushi, assistant general manager of ODB at “Invest in Oman” Forum organised by Oman Chamber of Commerce and Industry.

Al Balushi said that the bank plays a pivotal role in promoting the production sectors in the Sultanate as a sustainable development bank with the support it renders for small and medium enterprises (SMEs), big enterprises and craft industries.

He also said that ODB finances all projects for development sectors except for business projects to a maximum limit of 1 million rials with interest rates subsidised by the government; which affords 6 per cent of the interest rate, whereas the investor pays 3 per cent only.  

Al-Balushi said that ODB provides free-interest loans to small craft projects whose cost not exceeding 5,000 rials to support craftsmen in practicing traditional crafts inherited in the Omani community.

The categories that are being supported by the bank are entrepreneurs who manage their own businesses and have suitable experience, in addition to little investors, self employed person, fishers and the graduates of Institutions and colleges, he added.

The period of loans settlement for little investors is six years, in addition to a grace period of one year, he said. The applicant shall provide an appropriate guarantee covering the risks related to the project, in addition to mortgaging the assets of the project, providing personal guarantee through a sponsor who has a steady source of income and providing cheques as a means of settlement.

Al Balushi said ODB finances small enterprises like different kinds of workshops, sewing and tailoring shops, hairdressing and beauty shops, in addition to establishing nurseries for the kids, buying vehicles for transporting potable and non-potable water, buying engines for fishing boats, buying modern fishing tools, establishing car driving schools and buying the vehicles for transporting gas.

The bank finances the agricultural sector through financing greenhouses, modern irrigation system, buying agrarian tractors, financing apiaries, veterinary clinics, in addition to buying agricultural equipments and pumps. It also finances establishing poultry slaughterhouses, building open and closed barns, in addition to supporting the various efforts aiming at qualifying and developing the farmers’ skills. The bank also finances plantation nurseries, dates factories and all what is classified under the agricultural sector.

“ODB finances the fishery and animal sectors through buying maritime machineries, fishing boats and ships, in addition to fishing tools. The bank also supports the building of new factories for drying and packaging fishes, as well as ice factories. It also supports fish farming (shrimps, lobsters), the production of fish powders and what is classified under the fields of fishery and animal sectors.” He added.

As for the tourism projects, Al Blaushi said: “The bank finances the projects of establishing hotels, hotel apartments, tour guide offices, tourist camps, restaurants, maritime tourism, parks, amusement clubs and cinemas.”  

He said: “The bank finances also some projects in the industrial sector including timber and paper industries, cars and vehicles repair workshops, prints, petroleum industries, furniture industry, chemical and petrochemical industries, textiles industry, leather and shoes industry, mining industry, building materials industries, as well as the formation and fabrication of minerals, in addition to machineries and equipments industries and all what is classified under the industrial sector.”

 “The bank finances also professional projects like legal consultancy offices, law offices, engineering and architecture consultant offices, accounting services and consultancies offices, administrative, economic, pedagogical offices, IT management and systems services, advertising services and what falls under the aspects of professional sector.” He added.

Al Balushi said that educational projects like universities, colleges, private schools, nurseries and training institutes are given due attention and consideration by ODB due to its importance in sustaining the educational efforts exerted in the Sultanate.

He indicated that health projects receive also due consideration by the bank. These projects include hospitals, health centers, specialized clinics and medical laboratories.  

Al Blaushi explained that ODB provides loans for establishing new projects or extending existing ones. The bank finances 50 per cent maximum of the cost if the project lies in the boundaries of Muscat governorate and 65 per cent of the cost if the project lies outside Muscat governorate to sustain all various economic and development activities in the country.

The bank had financed 41 tourism projects during the first half of the current year, which account for 4 per cent of the total loans provided by the bank. The total value of these loans is pegged at 2.129 million rials, representing 30 per cent of the total value of loans provided by ODB for different projects during this period, the bank had said.

During 2010, ODB financed 142 projects in the tourism sector, constituting 4.1 per cent of the total number of projects financed by the bank with a value of 5.328 million rials, accounting for 13.9 per cent of the total value of loans provided by the bank during 2010 in the service and production sectors.

ODB finances the projects after conducting necessary market studies and based on the nature of projects which are needed by the national economy in light of the Five-Year Plan of the government.

Oman Tribune
NEWS UPDATES
Oman
Student company Juthoor wins top Sharikati award
Onsecs celebrates 40th anniversary
Ma’awali hosts women journalists
Mineral sector offers many opportunities
Oman Air unveils new services for first, business class fliers
Other Top Stories
US strikes help Kurds retake lost ground
Anger boils over as settlers occupy Palestinian homes
Myanmar sticks to controversial Rohingya plan
27 candidates in Tunisia presidential poll
Likely import of IS idealogy worries SE Asia
India
Special sitting to hear Jaya bail petition today
Officer who raked up ‘Snoopgate’ against Modi arrested in graft case
Government tightens grip on illegal Chinese cracker import
‘Golden Triangle’ gives tough test for parties in Maharashtra
Modi to wield broom for cleaning mission
56pc of country’s users addicted to Internet
India, US natural partners, says Modi
Country’s terror not home-grown: PM
One in 5 girls faces sexual assault
Petrol price cut by 54 paisa per litre
Pakistan
PML-N to support PTI renegade Hashmi in Multan by-elections
16,000 kids fail to get polio jabs as kin say ‘No’
China to help start $130m wind power plant in Sindh
Bilawal to start democratic journey, hold rallies in Punjab
Madonna helps activist set up Dream School in Karachi
Online harassment of women on rise
Middle East
Kuwait reforms on track, state subsidies reduced, says IMF
US air raids hit support base of FSA offshoots
Iran pledges equipment for Lebanon army to battle terror
Syria refugees in Lebanon face ‘rising violence’
Haj pilgrims see IS as virus threatening world
Syrians fleeing IS offensive try luck in LatAm
Asia
HK activists set for long haul
Australian cops arrest terror funder in raid
US signs historic pact to keep troops in Afghanistan after 2014
Thai tourists to get safety wristbands
Japan halts volcano search over fresh eruption fears
Filipino couple jailed over ‘crush videos’
Business
Italian firm signs deal to help PEIE develop Ibri Logistics Area
Higher Opec supply, strong dollar hit Brent
Gulf economies’ growth to quicken in 2015 despite sliding oil
NBO to raise $500m through 5-year bonds
India leaves interest rates unchanged
RBI keeps rates on hold to take on inflation
Microsoft to tap India cloud market
Asian buyers cut down on Iran crude imports
RBI seeks to lower undue volatility in rupee exchange rates: Rajan
Amanat looks to raise $374m via Dubai IPO
India core industries rise 5.8%
Europe
Cameron backs UK’s stay in EU for ‘pragmatism’
UKIP snags Barnes in fresh blow to Tories
Catalonia launches legal battle after suspension of referendum
UK mulls steps to check extremist groups, radical preachers
Killings shake Ukraine truce
Octogenarian dupes EU court over suicide law
Sports
Lions succumb to Perth Scorchers
Omani youth and expats to play in Div. A
GCC women’s cricket in Oman
Newcastle yet to taste win in six games
Under-cooked Man United consider extra friendlies
‘Beaten up’ Santos to play for FC Goa in ISL
Narine reported for suspect action
SA include Philander in tour squad
Djordjevic ’tricks as Lazio trump Palermo
Doping takes gloss from Games
Nishioka ends Japan’s 40-year title drought
India, Pakistan to clash in final
Bone-crunching kabaddi a knockout hit
Nadal powers past Gasquet in Beijing
Americas
US Congress vote on campaign against IS likely to be delayed
Rousseff extends lead over Silva in election race
US beheading suspect charged with murder
White House breach unacceptable: Secret Service chief
Man charged with selling smartphone spying app
Foley picture removed from ad after uproar

Sports


International

© 2013 Oman Tribune. All rights reserved. Best viewed in 800 X 600 resolution