Oman's ruler orders interest-free loans for entrepreneurs

The loans will be given in accordance with terms set by the Supreme Committee

Omani Riyal. Image for illustrative purposes.

Omani Riyal. Image for illustrative purposes.

Getty Images

To help businesses and startups navigate the setbacks they have faced due to the coronavirus, Sultan Haitham Bin Tarik, the ruler of Oman, has issued orders to roll out interest-free emergency loans to assist entrepreneurs in certain sectors.

The programme will mostly benefit entrepreneurs whose businesses took the brunt of the pandemic, particularly holders of Riyada Card (for small and medium enterprises) and self-employed entrepreneurs, as well as beneficiaries of loans of Oman Development Bank and Al Raffd Fund.

The loans shall be granted in accordance with terms and procedures set by the Supreme Committee.

According to the state news agency, Oman is reopening malls, some businesses and industrial activities today.

Recently the ruler announced 300 million Omani riyals ($779.26 million) in development projects to support the country's economic growth.

In March, the sultanate announced a $20 billion incentive package for financial institutions to combat the impact of the pandemic on the economy.

Moody’s said that Oman’s stimulus package will limit the economic blow of the coronavirus outbreak on the economy, but weaken banks’ credit profiles.

(Writing by Seban Scaria, editing by Daniel Luiz)



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