Oman Development Bank lends $54mln to women's projects

Total number of women’s projects funded by Oman Development Bank (ODB) in the last eight years amounts to 6,000.

  
Image used for illustrative purpose. Omani Riyals.

Image used for illustrative purpose. Omani Riyals.

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17 October 2016
Muscat - The total number of women’s projects funded by Oman Development Bank (ODB) in the last eight years (ending September 16, 2016) amounts to 6,000.

These projects received RO21mn from ODB, which represents 16 per cent of developmental loans offered by the bank to small-size investments, a bank statement said on Saturday.

Hamad al Harthi, general manager of ODB, said the bank doesn’t spare any effort to empower Omani women to be entrepreneurs and contribute to the development of the national economy.

“Omani women have a vital role in supporting and developing the national economy; in all fields. So, based on our strong belief in the contributions of women, ODB facilitates funds for women’s projects in order to enhance women entrepreneurship initiatives that provide more job opportunities for nationals and meet the needs and requirements of the local market.”    

Seizing 16 per cent of the total number of loans approved for small-size projects is a good indicator for the attention and interest ODB attaches to the Omani women. The loans provided to women covered a variety of projects in the fields of industry, agriculture, tourism, health, social services, crafts and professional activities.

The procedures followed at ODB for developmental loans are very simple; especially loans for the craft-based projects and home-based projects. In the coming months, there will be more steps to build simpler and faster procedures to give the Omani women more support and encouragement, Harthi said.

© Muscat Daily 2016

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