ODB launches new loan scheme for farmers
Date Posted : Tuesday, November 24, 2009
Source : ODB

ODB launches new loan scheme for farmers MUSCAT -- Oman Development Bank’s new loan scheme for farmers – Mawsimi – has been approved by His Majesty Sultan Qaboos Bin Said. His Excellency Sheikh Al Fadl Bin Mohammed Al Harthy, Undersecretary of the National Economy Ministry for Development Affairs and Chairman of Oman Development Bank (ODB) said, “His Majesty’s approval confirms big responsibilities for ODB to support to the agriculture sector to establish various projects. This reflects the role played by the bank in achieving its objectives aimed to consolidate the economic development and boosting self-employment projects.” Valuing His Majesty’s nod for the loan scheme, Sheikh Al Fadl Bin Mohammed Al Harthy said, “The approval confirms His Majesty’s trust in the bank and the role played by ODB in sustaining the agriculture sector in the country as the bank is the main financer of the sector.” “ODB contributed 98 percent of the total finances granted to agriculture, pumping about RO 37 million over the last ten years, benefiting more than 600 agriculture projects. This reflects the bank`s contribution to the government efforts in consolidating the economic development in the country, particularly the agriculture sector, which occupies an advanced place in financing for different economic sectors funded by ODB,” he added. Al Fadl also stressed the bank would double its role in the next stage to provide finances to production and services activities, and also self employment projects. Hamad Bin Salim Al Harthy, Assistant General Manager of ODB, said, “Launch of Mawsimi scheme is part of efforts made by the bank to support agriculture sector in the Sultanate and enable farmers to develop their crops through loans.” He said more than 6,000 farmers benefited from ODB loans during the last ten years in various regions and governorates of the Sultanate. Hamad Bin Salim Al Harthy went on to add that Mawsimi scheme grants loans at 70 percent of the operational costs per feddan with a payment period of maximum nine months at an interest rate of 3 percent along with government subsidy of 6 percent. “These facilities reflect the bank`s objectives in supporting economic, productive and service sectors that create job opportunities to the citizens,” he added. While pointing out that Mawsimi scheme would help farmers, Hamad Bin Salim Al Harthy said, “The scheme will help farmers who seek to grow seasonal plants and to provide some supplies needed to increase agricultural production. This in turn will contribute to the provision of seasonal agricultural crops at a greater scale and therefore will contribute in bridging the deficit in seasonal agricultural products.” The Assistant General Manager also called on farmers to take advantage of the new product so that they can develop their crops and increase their output.