H E Yahya al Jabri, chairman of the Special Economic Zone Authority at Duqm (Sezad), on Monday inaugurated Oman Development Bank's (ODB) new branch in Mawaleh.
The new branch is part of the bank's efforts to expand its network in the sultanate in a way that meets the desires of customers who benefit from its development lending services, a press release said.
On the occasion, Hamad al Harthi, acting director general of ODB, said, "Our new branch in the wilayat of Seeb is ODB's third in the Muscat governorate after the main branch in Ruwi and the second branch in the Al Khuwayr area. This branch was established in response to the increasing demand for our services in Muscat. It aims to keep up with development in all sectors financed by the bank with the objective of providing the necessary subsidy for projects of high value to the national economy and assimilate national cadres."
Harthi said that the number of ODB branches will be increased to 17 across all the governorates. He said that all the branches are currently managed by national cadres qualified in development finance. The branches are also well equipped in all respects to attract investors.
The release said that ODB had financed more than 37,000 production and service projects between 2004 and 2013 across all economic sectors.
Furthermore, the industry sector accounted for over 42 per cent of the development loans provided over the past five years. The fisheries sector ranked second in terms of loans provided over the last five years, accounting for 20 per cent of the total, the press release added.
© Muscat Daily 2014
