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Oman Development Bank has been a long standing advocate for enhancing development of various sectors of the economy. Working alongside the government principles ,ODB upholds the mission of diversifying the sources of national revenue by providing finance to corporate, medium enterprises, small projects for the key sectors such as, Industrial, Agriculture and Livestock, Tourism, Fisheries, Educational, Medical, Professionals and Handicrafts. The bank charges an interest rate of only 3% per annum. It also offers interest free loans for small investors who are fully devoted to their projects and have no other commitments elsewhere.

The facilities ODB offers: Loans are sanctioned by Oman Development Bank for establishing new projects or for expanding existing ones. It grants loans up to R.O one million where it finances a maximum of 50% of the total investment if the project is located within the Muscat Governorate and 56% if the project is located outside the Muscat Governorate.

Loan Duration

  • Upto 10 years

Securities

  • Adequate securities that cover the project risks

Grace Period

  • Not exceeding half of repayment period of the loan.

Documents Required for Applying for Loan

  1. Copy of the permit, registration, or approval issued from the concerned authority, whether for new or existing projects.
  2. The official documents that show the legal entity of the project.
  3. The documents pertaining to 3 quotations from contractors/suppliers of assets.
  4. The feasibility study (Cost of Projects more than RO 100,000 ) including the following:

    A- Regarding new projects: Technical, marketing, financial and management aspects that determine the viability of the project.

    B- Regarding existing projects:

    1. The projects past experience since its establishment with clarification whether the obtained soft loans will expand the projects’ productivity or increase the service capacity.
    2. Audited financial statements for the past 3 years.

    C- Regarding current projects with existing encumbrances:

    1. Financial and other difficulties encountered, their causes and suggested means of overcoming them,if any
    2. Audited Financial Statements for the past 3 years.
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Education is considered as one of the main priorities of the wise government of H.M Sultan Qaboos bin Said, giving the utmost care and basic support for the development of human capabilities. Accordingly, ODB plays a fundamental role by granting loans to this sector.

- Fields of activities eligible for financing:

* Universities * Colleges * Private Schools * Kindergartens * Nurseries * Vocational Training Institutes * and any project or service within the education sector.
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The government is showing a keen concern over healthcare, welfare, and developing their facilities to keep pace with the latest development in this field. The bank has adopted an exemplary role in financing healthcare projects.

- Fields of activities eligible for financing:

* Hospitals * Clinics * Medical laboratories * Specialized diagnosing centers and any project or service within the medical sector.
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It goes without saying that agricultural development is a collective responsibility of all classes of society. This has been confirmed by the positive results realized by this sector. Therefore, ODB grants agricultural and livestock loans and any other projects under this sector.

- Fields of activities eligible for financing:

* Greenhouses * Modern irrigation systems * Poultry broiler and layer * Agricultural tractors * Apiaries * Veterinary clinics * Pumps & Agricultural equipments * Poultry Slaughterhouses * Covered and uncovered agricultural enclosures * Rehabilitation & development of farmlands * Dairy plants products * Agricultural nurseries * Date factories * Any other project or service within the agricultural sector and animal husbandry.
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This sector is considered as one of the promising sectors in the sultanate and a vital source of national income diversification and, in conformity with this policy, Oman Development Bank is working towards helping the country’s development through granting loans for financing various projects falling within the scope of this sector.

- Fields of activities eligible for financing:

* Fish processing & Refrigeration Plants * Ice plants * Prawns’ Farms * Marine engine * Fishing boats (i.e. Trawlers) * Fishing equipments * Fish Powder Production Plants * Any product or services within the fisheries sector.
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This sector is considered as one of the promising sectors in the sultanate and a vital source of national income diversification, ODB is working towards helping the country’s development through granting loans for financing various projects falling within the scope of this sector.

- Fields of activities eligible for financing:

* Paper and Wood Manufacturing * Motor Vehicle Repair Workshops * Printing Presses * Furniture industries * Petroleum industries * Textile Industries * Chemical & Petrochemical Substances * Leather & Shoes Industries * Metal Industries * Building Construction & Mining Industries * Equipment & Machinery Industries * Any service or project within the industrial sector.
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The steps taken by the government to support tourism projects resulted in the increase in participation of this sector in the national income. Due to the elements and basic factors of the tourist attraction in the Sultanate, the bank works towards encouraging investment in this sector through lending loans for setting up tourism projects or for the expansion of existing ones.

- Fields of activities eligible for financing:

* Hotels * Rest Houses * Hotel Apartments * Tour Guide Offices * Tourist Camps * Tourist Restaurants * Parks and amusement * Marine Tourism (i.e. Tourist Boats) * Movie Houses & Cinematheque * Other services within the tourism sector.
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The main objective of offering these loans is to support Omani professionals and enable them to practice and develop their professions. ODB believes that comprehensive development depends on the diversification of the economic sectors in spite of their volume. Therefore, it continues to support small and medium enterprises along with big projects.

- Fields of activities eligible for financing:

* Legal Consultancies & Law Offices * Engineering & Architectural Consultancies * Educational, Financial, Administrational and Accountancy Services & Consultancies * Managing Information System (MIS) Services * Advertising & Promotion Services * Any services within the professional sector.
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Information technology is another keen sector in the Sultanate, it keeps pace with development in communication networks. Oman Development Bank offers loans for establishing new projects or developing the existing ones that would promote this field.

- Fields of activities eligible for financing:

* Projects related to IT.
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Small projects have a prominent share in the development plan of the Sultanate as they provide job opportunities for many Omani citizens to secure and support their livelihood, and diversify their sources of income. Therefore, ODB grants financial support to the small investors to encourage them to effectively take part in the comprehensive development of the Sultanate. The Bank provides loans for projects that do not exceed capital investment of RO 20,000, where the Bank finances upto 90% of the total cost, but not exceeding the requirement for a bank loan of RO 5000.

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  1. People who are fully dedicated to manage their projects and have experience in the field of managing their business.
  2. Graduates of Technical colleges and institutes who underwent training in the occupational & craft work.
  3. Junior farmers and fishermen.
  4. The owners of occupational & craft work at home who have the Commercial Registration issued by the Ministry of Commerce and Industry (Industrial Omani incense - tailoring - leather Handicrafts - pottery - Beauty Parlors & Hairdressing etc).

- Fields of activities eligible for financing:

* All types of workshops * Mobile workshops for repairing home appliances * Tailoring shops * Purchasing engines for fishing boats * Purchasing modern fishing equipments * Purchasing equipments for the purpose of increasing sales * Beauty Parlors & Hairdressing * Document clearance offices * Internet cafés * Purchasing water-supply trucks * Establishing car driving learning centers * Establishing kindergartens * Any other activities falling under this sector.

Loan Duration

  • Up to 7 years

Grace Period

  • Maximum one year

Guarantees:

  1. Mortgage of projects assets.
  2. Providing personal guarantee from a second guarantor having a stable monthly income.
  3. Providing Postdated cheques. Return to Top
 
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