ODB lending activity numbers signal economic recovery in Oman

ODB lending activity numbers signal economic recovery in Oman

With regard to the category of loans, micro-enterprises had the largest share in terms of the number of funded projects and the financing value. Muscat: The Board of Directors of Oman Development Bank (ODB) confirmed to continue supporting and financing small, medium and micro enterprises and corporate projects, especially during COVID-19 pandemic. The period of the pandemic saw announcing many financing packages and incentives to these enterprises. The move comes to mitigate the repercussions of the pandemic and its direct effects on the business sector worldwide, including the Sultanate. During its fifth meeting for 2021, which was held on Sunday, the ODB Board of Directors was briefed on the bank's results during 2021. The results reflected the beginning of the recovery and growth of economic activities in the Sultanate. This is evident in the growing lending activity of the bank, which grew by 1. 7 per cent to date compared to the same period in 2020. The number of approved development loans reached 3, 073 covering various economic sectors. The ODB Board of Directors explained that despite the bank's achievement, the net profit exceeded OMR4 million during the first half of 2021. However, the developmental impact of lending activity on