ODB funds projects worth RO19mn in Q1 2022, up 29%

ODB funds projects worth RO19mn in Q1 2022, up 29%

Muscat – Oman Development Bank (ODB) achieved positive lending indicators during the first quarter of 2022.

The value of loans recorded an increase by 29 per cent compared to Q1 2021 to stand at RO18,887,544. Of this, RO15.127mn was given as development loans in various promising economic sectors in all the governorates and RO3.760mn for agricultural projects for areas damaged by Tropical Cyclone Shaheen.

Lending by ODB aligned with the government’s approach in stimulating the national economy, especially in recovery from the repercussions of the COVID-19 pandemic.

In terms of sectors, industries had the largest share of ODB’s lending during the first quarter of 2022 as the total value of loans approved for this sector reached RO5,358,839, spread over 299 projects that comprised 35 per cent of the total loaned value.

The fisheries sector was second (RO3,935,713), divided into 588 projects, followed by the professional services sector (RO1,834,471) divided into 136 projects, and the livestock and education sectors (RO1.4mn each). ODB also funded loans in various other sectors, including tourism, health and logistics.

The Governorate of North Batinah received RO4mn, comprising the highest share of approved loans during the first quarter of 2022. It was followed by the Governorate of South Sharqiyah (RO3,269,915), Muscat (RO2.5mn),