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Oman:  The Board of Directors of Oman Development Bank (ODB) today approved a set of loans to the tune of RO 14 million. The loans are endorsed for projects in the sectors of food security, industry, minerals, tourism, health, and logistics, among other economic sectors.

These projects funded by the bank in the governorates of Al Buraimi, Dhofar, Al Batinah, and Muscat, will contribute to providing employment opportunities for Omani jobseekers, cut down imports, and maximize the value of Omani exports.

The bank’s board of directors lauded the significant role of the private sector in stimulating economic movement by adopting projects with high-added value to the national economy.

The projects will spruce up economic development, taking advantage of the comparative advantage among governorates, thus generating added value and consolidating the strategy of urban growth, said the Oman Development Bank board, which lauded the private sector’s role in the plan.

The Oman Development Bank Board also discussed developments in the bank’s digital transition project, which will convert the bank’s business model and automate all its operations. In turn, this will significantly contribute to improving the bank’s financing services to investors.

In addition, the Board reviewed business opportunities offered by the bank in governorates of Oman in cooperation with the governors’ offices, as part of steps to achieve the goals of Oman Vision 2040.

The board also valued the outcome of recent forums which showcased more than 1,000 investment opportunities worth more than RO 100 million.