Muscat
The number of educational loans in the Development Bank’s portfolio reached approximately 509 loans valued at around 18.8 million Omani Rials by the end of 2024, aimed at supporting various educational fields across all governorates of the Sultanate of Oman. This initiative is part of the bank’s efforts to enhance the education sector and support private sector investments in educational areas.
Statistics released by the bank indicate that the number of loans approved for the education sector during 2024 was approximately 138 loans, amounting to around 12.8 million Omani Rials.
The general secondary education sector accounted for the largest share, with 3.6 million Omani Rials from 13 loans, followed by the university colleges sector with 3.5 million Omani Rials from one loan, four loans for training services amounting to 588 thousand Omani Rials, and 26 loans for kindergartens totaling 257 thousand Omani Rials.
Muscat Governorate accounted for 65% of the approved loan value, amounting to approximately 8.3 million Omani Rials, followed by North Sharqiyah Governorate with 2.3 million Omani Rials, representing 18%, and North Batinah Governorate with 1.1 million Omani Rials, representing 9%.
Yusuf bin Mohammed Al-Awaini, Director of the Small and Medium Enterprises Financing Department at the Development Bank, confirmed that the bank places significant emphasis on the education sector at all levels, considering it one of the main sectors supported by the bank since its establishment, due to its role in enhancing public education and increasing educational opportunities, alongside what the government provides.
He added in a statement to the Oman News Agency that the bank’s financing for the education sector encourages the private sector to invest in various educational fields by providing subsidized interest rates and flexible facilities during the grace and repayment periods.
