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
Tuesday, September 02, 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
Meeting discusses safety at sea, pollution from ships
Haitham, Italian envoy discuss cultural issues
Archaeological site visitors rise
Second chance for registration for higher education
Constructions continue in wadis despite warnings
Orpic starts plan for women
Sewage plan to see big leap by ’20
Other Top Stories
Lesotho PM seeks help from African states to restore order
Syria army, rebels clash in Golan
Militias take control of Tripoli
Afghan talks on power-sharing deal collapse
Iran holds talks with IAEA on nuke research
India
Court urged to halt scrapping of some coal blocks
Government move on Teacher’s Day event draws allies’ anger
Tejinder arrested in Tatra bribery case
Gujarat to host Asia’s maiden ballistic research centre
Kerala to observe shutdown over RSS man’s killing
Nalanda opens after 800 years
Delhi, Tokyo pledge to develop closer, strategic partnership
Modi deplores some nations’ ‘expansionism’
Special team in PMO will fast-track Japanese investments: PM
UDF, LDF playing vote bank politics: Shah
Two Badaun rape accused get bail
Pakistan
Protesters storm PTV building
Hashmi claim of PTI-military links denied
School reopening hit as IDPs stay put in Khyber
Journalists face protesters’ anger in capital
Federal Women’s University to be launched in Islamabad
Middle East
Huthi chief issues civil disobedience call in Yemen stir
AQAP kills three for helping drone raids
Germany to send weapons to Iraqi Kurds fighting IS rebels
Salman to hold talks with Hollande in Paris
War cost Hamas half of its arsenal, but helped cement clout
Wounded Gazans find it tough to get long-term care
Asia
HK democracy activists heckle Chinese official
Knifeman kills 3 kids, jumps to death at Chinese school
Philippines foils airport bomb plot, 4 arrested
China varsity urges fight against ruling party criticism
2 die in NZ welfare office shooting, suspect held
N. Korea limits tourists’ phone use
Business
Euro zone, Asia factory activity slows in Aug.
Japan to invest $34b in India over next 5 years
Russia starts construction of $20.8b gas pipeline to China
Microsoft gets 20 days to reply in anti-trust probe
Nifty surges past 8,000 points, Sensex hits record
Reliance, Nippon launch funds for Japan investors
RBI ban on banks’ bond purchase hits infrastructure funding options
Micromax pips Apple in India
Maruti, Honda lead India sales
Investors wait for ECB move
Germany runs up GDP surplus of 1.1% in first half
China manufacturing growth slows in August
Europe
Kiev troops abandon airport
British terror suspects ‘may lose passports’
UK brain tumour boy’s kin resist extradition
Muslim engineer N-site ban upheld
French Socialists upset over PM’s ‘Tony Blair-style’ lurch
Sports
Al Harthy boosts title challenge
US, Spain continue fairytale run at Worlds
Zurutuza brace helps Sociedad stun Real
Napoli edge past Genoa, Inter held
Champions PSG too good for St Etienne
Stewart makes early exit on Nascar return
Zimbabwe thrashing rips open Aussies scars
Oman Sail and Thales provide sailing opportunity for children
Wozniacki sends Sharapova packing

Sports


International

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