Development Bank approves loans worth OMR14.4mn

Development Bank approves loans worth OMR14.4mn

Muscat: The Board of Directors of the Development Bank today held its first meeting for 2024 under the chairmanship of Eng. Mohammed Abubakr Al Ghassani, Chairman of the Baord.

During this meeting, the board approved development loans worth OMR14.4 million for projects in the fields of food security, education, converting industries and fisheries.

Further, the board approved the closing accounts for the year 2023, in which a growth rate of 86 percent was achieved in terms of approval for loans (a total of OMR128 million) by the end of December 2023. The bank’s lending portfolio reached OMR236.3 million, constituting a rise by 26 percent compared to 2022.

In terms of collection, the bank collected a total of OMR59.3 million in 2023, comprising a rise by 10 percent.