Wednesday, 20 September 2017 06:32 GMT

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Oman- ODB provides RO5.4mn finance to Al Rafd Fund

(MENAFN - Muscat Daily) Oman Development Bank announced that the total money provided to the Al Rafd Fund to disburse loans amounted to RO5.4mn for the January to May 2014 period.

This accounted for 73 per cent of the total value of applications, of RO7.4mn, received by the fund, ODB said at a press conference on Tuesday. Muscat governorate accounted for 48 per cent of the total value of loan applications that were submitted to the fund and financed by ODB.

Batinah North accounted for 12 per cent, Dakhliyah and Al Dhahirah nine per cent each, Dhofar seven per cent, Sharqiyah South six per cent, Batinah South and Sharqiyah North four per cent each, and Buraimi one per cent.

According to Hamed Salim al Harthy, acting general manager of ODB, the finance provided to the Al Rafd Fund to disburse against loans requested was distributed as follows: RO112,839 in January (90 per cent of the total value of loan applications submitted to the fund), RO545,702 in February (73.4 per cent), RO1.3mn in March (72.4 per cent), RO2mn in April (84.5 per cent), and RO1.3mn in May (57.6 per cent).

Speaking to Muscat Daily, Harthy added, ''The maximum loan amount disbursement for small and medium enterprises (SMEs) and micro, small, and medium enterprises (MSMEs) is RO100,000, while the maximum rate of interest charged is two per cent.'' Oman- ODB provides RO5.4mn finance to Al Rafd Fund

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