MUSCAT : By the end of 2024, the total value of loans provided by the Development Bank to various projects in North Al Batinah Governorate reached approximately RO 37.3 million, making up 13 percent of the bank’s total loan portfolio. These loans, totalling 3,016 in number, account for 14 percent of the bank’s total loan distribution.
The bank’s efforts in financing key sectors of the local economy reflect its focus on maximising the comparative advantages of North Al Batinah Governorate. The manufacturing sector leads the charge with RO 13.2 million in loans across 647 projects, followed by the tourism sector with RO 6.1 million in loans across 265 projects. The services sector, too, shows a significant contribution, with RO 5.6 million dedicated to 651 loans.
Other key sectors receiving financing include fisheries with RO 3.98 million for 916 loans, education with RO 3.24 million for 76 loans, agriculture and livestock with RO 3.19 million for 431 loans, and health with RO 2.12 million for 30 loans.
His Excellency Mahmoud bin Abdullah Al Awini, Secretary General of the Ministry of Finance, Chairman of the Board of Directors of the Development Bank, and the bank’s executive management, recently met with Eng. Saeed bin Ali Al Abri, Chairman of the Board of Directors of the North Al Batinah Branch of the Oman Chamber of Commerce and Industry. The meeting, also attended by Hussain bin Ali Al Lawati, CEO of the Development Bank, focused on the bank’s role in financing productive and service-oriented economic projects in the region, particularly through subsidized interest rates and flexible repayment terms. The discussions were part of broader efforts to promote investment, support small and medium-sized enterprises (SMEs), and encourage entrepreneurship in the governorate.
A visual presentation at the meeting highlighted the distribution of the bank’s development financing, showing how it supports Omanisation, self-employment, and the creation of jobs. The bank also discussed the sustainable economic impacts of these projects, such as boosting local production, achieving self-sufficiency in various sectors, and fostering exports outside Oman. Additionally, the presentation addressed the challenges faced by funded projects and proposed solutions to overcome them.
Hussain bin Ali Al Lawati highlighted the bank’s commitment to understanding and addressing the challenges faced by SMEs and local entrepreneurs. He also noted that development financing is seeing remarkable interest, with loan repayment periods extended up to nine years to support borrowers.
Eng. Saeed bin Ali Al-Abri expressed his appreciation for the Development Bank’s contributions to supporting economic diversification, job creation, and entrepreneurship in North Al Batinah. He commended the bank’s initiatives in providing vital financing and creating a significant impact across various sectors in the region.
