RIYADH: The Oman Development Bank revved up the economy by approving loans that will lift various sectors, including food, minerals, healthcare, tourism and logistics, according to an official release.    

The board of directors of the financial institution on Tuesday cleared loans worth over 14 million Omani rials ($36.3 million) for various economic projects in Al-Buraimi, Dhofar, Al-Batinah and Muscat.    

According to ODB, these loans will provide job opportunities for the youth, reduce imports and maximize exports.    

Reviewing the performance data for the first half of 2023, the board of directors urged the bank’s executive management to continue achieving the operational plan for 2023 and maintaining the required growth levels.    

During its meeting, the board discussed the latest developments in the bank's digital transformation project, which, it said, will change its business model and automate its entire operations. This, in turn, will contribute to improving the bank's financing services for investors.    

The board also acknowledged the private sector’s key role in stimulating economic growth through adopting high-added-value projects to the national economy, exploiting the comparative advantage of the governorates in accordance with the country’s urban strategy.    

The board also applauded the results achieved by the development and business forums and the investment opportunities worth 100 million rials they presented through more than 1000 opportunities.   

In addition, the directors discussed the business opportunities the bank is creating in the governorates, in partnership and cooperation with the offices of governors within the framework of contributing to the area’s development plans to achieve the Omani Vision 2040.   

Following up on projects funded by his bank, Mohammed bin Abu Bakr Al-Ghassani, the board chairman, made a visit last month to a number of development projects in Dhofar to monitor their growth opportunities and inspect the challenges the projects are facing.    

The chairman also visited Nahr Alhayah Water Factory in Dhofar and the Salalah-based Sumhuram Incubator. The visits were made to review the youth projects and discuss ways to encourage and support them.   

According to the ODB website, the bank provides 4000 loans annually, with a value exceeding 70 million rials.