| ODB allots 6.6m-rial loans in 2011 |
SOHAR Oman Development Bank (ODB) has allotted 641 loans worth 6.60 million rials in 2011 for funding various projects. Jassim Bin Mohammed Al Sa’adi, assistant regional marketing officer at the Regional Administration of ODB, said the bank provides loans up to 1 million rials with subsidised rates of 3 per cent to investors, while the government bears 6 per cent interest rate.
He was speaking at a seminar organised by the Small and Medium Enterprises (SME) Committee at Oman Chamber of Commerce and Industry (OCCI), Sohar branch on Wednesday. He said that in order to support craftsmen, the bank is providing interest-free loans for the projects that cost not more than 5,000 rials. The loan repayment period for small investors is six years with one year as grace period.
He also pointed out that the bank provides finance to 50 per cent of the cost of new projects in the Governorate of Muscat and 56 per cent for the project outside Muscat.
“The bank provides loans to agriculture, fisheries, tourism and industry sectors, as well as other professional projects,” he added.
Oman News Agency
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