Oman Development Bank finances 1,526 projects with OMR14m in first quarter

More than 1,500 projects worth OMR14million were financed by the Oman Development Bank (ODB) in the last three months.

ODB financed 1,526 projects in the first quarter of 2017 with a total value of OMR14,934,839 across the governorates of the Sultanate that covered many promising development sectors in line with the directives of the 9th five-year plan. 

The ODB financed 569 projects (valued OMR6,302,022) in the industry sector, which is one of the main sectors on which the 9th five-year plan is based in the pursuit of the Sultanate towards diversification.

The tourism sector had 11 projects with a value of about OMR2,749,000. The tourism sector is one of the sectors on which the national economy greatly relies particularly in providing job opportunities. The fisheries sector came second in terms of the number of projects with 401 projects. It came third in terms of the total value, which reached OMR1,708,673.

ODB funded 254 projects (valued OMR1,601,534) in the agriculture and livestock sector, whose importance goes beyond economic diversification, to the food security of the country. The ODB funded 257 projects in the professional and public services sector with a total value of OMR1,708,610. The ODB funded 28 projects in the education sector, valued OMR449,500 and 6 projects in the health sector, valued OMR390,500.

Governorates

The Governorate of North Al Batinah came first in the number of projects funded by ODB in the first quarter of 2017 with 295 projects, valued OMR 1,931,104 as the governorate hosts several strategic projects that top the future vision of Omani economy 2020. The Sultanate seeks to turn the city of Sohar, the main centre of the governorate, to a promising economic and investment hub on which the government relies to diversify sources of income.

The Governorate of Muscat topped other governorates in terms of the value of the projects funded by ODB, with 154 projects valued OMR4,459,786. It is followed by the Governorate of South Al Batinah in terms of value of projects with OMR2,127,670. The Governorate of South Al Batinah came third in terms of the number of projects with 220. The Governorate of South A’Sharqiyah came second in terms of funded projects with 262 valued OMR1,695,808 followed by the Governorate of Musandam with 153 projects valued OMR548,315.

ODB financed 90 projects in the Governorate of Dhofar with a total value of OMR808,214. In the Governorate of Al Buraimi, ODB funded 104 projects valued OMR465,500.

ODB financed 67 projects in the Governorate of Al Wusta with a total value of OMR1,214,570 due to the Special Economic Zone of Duqm (SEZD). ODB financed 77 projects in the Governorate of North A’Sharqiyah with a total value of OMR555,400.

In Governorate of A’Dhahirah, ODB funded 57 projects with a total value of OMR878,831.

ODB funded 47 projects in the Governorate of A’Dakhiliyah valued OMR249,641.

Source: Timesofoman