(MENAFN- Muscat Daily) Muscat- Oman Development Bank (ODB), Nizwa branch, has financed more than 988 development project in the production and service sectors in the Governorate of Ad Dhakhiliyah, with a total of RO 4 million, 721 thousand and 242.
The bank focuses on financing projects that will help the biggest number of entrepreneurs.
The projects have many facilitations and development advantages that are aimed at giving youth a chance to run their projects with encouraging incentives, such as lending at subsidized interest, with a year as grace period and flexible repayment period of up to seven years.
In a meeting organized by Oman Chamber of Commerce and Industry, Nizwa entitled 'Sustainable Development', the bank reviewed various projects that it financed in the Governorate of Ad Dhakhiliyah. The meeting was attended by bank officials, investors, members of Nizwa branch of OCCI, entrepreneurs from the productive and service projects with a majority of nationals.
Saeed bin Musallam Ambusaidi, an employee in Nizwa branch of ODB, presented a paper identifying the bank's financial services and the most prominent bank products for clients. He pointed out that the bank aims at subsidizing fruitful development projects to encourage the economic growth in the governorate. It also provides loans with interest of no more than 3% for young investors.
He also reviewed the economic and investment opportunities in the Governorate of Ad Dhakhiliyah, invited the job seekers to be entrepreneurs and establish development projects that shall provide them and other Omani youth jobs and open new horizons in the small and medium enterprises sector in the Sultanate, especially as these projects rely on innovation and have an added value leading to sustainable development and achieving desired returns for entrepreneurs. He said that ODB's doors are open for projects that serve the government schemes aimed at economic diversity and opening up opportunities for youth.
The projects financed by ODB in the Governorate of Ad Dhakhiliyah included all projects that complement the sectors supported by the ninth five-year plan, which mainly aims at economic diversity. As a proof, the agricultural sector got 564 loans with a total amount of RO 2 million 927 thousand and 832.
Moreover, the number of loans financed by the bank in the industrial sector reached 256 with a total amount of RO 2 million 593 thousand and 977.
In the services sector, the total amount disbursed for projects is RO 621 thousand and 72 for 141 projects. In the tourism sector, the bank released a total of RO 330 thousand and 937 as loan, followed by the field of education with 19 projects and a total amount of RO 5 thousand.
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