Al-Rustaq: The number of development loans granted by the two branches of the Development Bank in the states of Rustaq and Barka in the South Al Batinah Governorate during the year 2023 reached 619 development loans with a total value of RO 5.791 million, compared to 580 loans granted during the year 2022 with a value of 5 million and 832 thousand Omani riyals.
The Development Bank explained that manufacturing projects, including craft industries, came at the forefront of the sectors that benefited from Development Bank financing in the South Al Batinah Governorate, amounting to more than one million and RO 700,000 distributed among 224 loans for various industrial projects, followed by professional and public services projects with more than One million and 600 thousand Omani riyals, distributed over 164 loans, followed by agricultural and livestock projects with more than RO 957,000, which contributed to the establishment and expansion of 103 projects in the sector.
The tourism sector also benefited from the financing of 44 projects worth RO 656,000. 64 projects in the fish sector worth more than 503 thousand Omani riyals, 18 projects in the educational sector were funded with more than RO 187,000, and two health projects were funded with RO 100,000. By increasing the number of loans, the bank aims to strengthen its efforts in developing the governorates and supporting investment projects in them, stressing its endeavor to double its financing activity in the South Al Batinah Governorate, where two branches of the bank were established, one in the Wilayat of Rustaq and the other in the Wilayat of Barka.
It is worth noting that the Development Bank is continuously working to enhance its developmental and complementary role with all relevant parties. To achieve its desired goals in all governorates of the Sultanate of Oman, and to enhance economic activity in each governorate in particular, in addition to its contribution to the advancement of projects, improving the quality of their products and services, and raising their contribution to the gross domestic product through all of its branches in the various governorates of the Sultanate of Oman.
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