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Oman : OMAN DEVELOPMENT BANK creates jobs by financing a range of projects

July 19, 2014

The Oman Development Bank (ODB) is creating thousands of jobs across the Sultanate by financing a range of projects, as it is targeting a 15% increase in its portfolio and loan disbursements.

The bank is contributing towards the efforts aimed at diversifying the sources of national income through technical and financial support for project owners in all sectors, with a special focus on small and medium enterprises (SMEs).

It provides loans for a variety of projects, ranging from purchase of a fishing boat to large-scale tourism and industrial projects.

In 2004, the bank's net loan portfolio was OMR25 million but it is over OMR122 million.

The ODB approved 2,519 loans worth OMR19.6 million between January to June 2014 in agriculture, education, health, fisheries, manufacturing and tourism sectors.

The loans went to projects in all the governorates. The bank plans to disburse OMR50 million adding that the ODB is seeking to achieve a 15% increase in the bank's portfolio and total amount of disbursement.

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Source: TendersInfo (India)

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