JEDDAH: Oman Development Bank has financed more than 20,000 small projects across the country, with total lending surpassing 100 million Omani rials ($260 million) by the end of September, it has been revealed.
The fisheries sector led the portfolio with 8,761 loans worth about 38.5 million rials, followed by agriculture and livestock with 3,805 loans, representing 19 percent of the total, and handicrafts with 2,898 loans, or 10 percent, the Oman News Agency reported.
These sectors are prioritized due to their role in national food security and cultural heritage, providing sustainable income, particularly in rural and coastal areas.
The milestone underscores the bank’s role in supporting small enterprises as part of the government’s broader effort to foster balanced development and self-employment under Oman Vision 2040.
Mahmoud bin Abdullah Al-Owaini, chairman of the development bank, said the government prioritizes small projects as a means to enhance economic and social development, empower citizens, and ensure household stability.
