ODB Provides OMR5.4mn To Al Rafad Fund


News: State-owned Oman Development Bank (ODB) has contributed OMR5.4mn (USD14.03mn) to Al Rafad Fund to finance small businesses' projects in January-May 2014, according to ODB's acting General Manager Hamad bin Salim Al Harthi. The loan amount comprises 73% of the loan applications received by the fund. The fund received around 290 applications for loans worth OMR7.4mn (USD19.22mn). The ODB also signed a memorandum of understanding with the fund to regulate and arrange the latter's mechanisms of providing finance (Times of Oman).

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Geography: Oman