ODB Approves Adding Finance of Wheat within Seasonal Agricultural Loans.
Muscat, July 8 (ONA) --- Oman Development Bank (ODB) Board approved
during its 3rd meeting for 2012 to add the finance of wheat crop to
products of the seasonal agricultural loans, such as capsicum, cucumber,
eggplant, watermelon, sweet melon, tomatoes, cabbage and potatoes. The
move comes as part of ODB's efforts to encourage farmers in the
Sultanate to plant seasonal crops to meet the growing needs by
consumers. The maximum limit for the loan will be (RO 50,000) per each
crop. The seasonal loan is a short term agricultural loan that is
granted to finance an agricultural cycle for the production of all kinds
of seasonal vegetables. The finance includes the cost for preparing the
land for plantation till harvest and marketing. It also includes a
seasonal loan for the finance of green houses. The value of the loan,
which is granted for one crop, depends on the cost of plantation needed
by each crop or acre and up to (70%) of the cost of plantation. The main
characteristics of the seasonal loan are easy access, direct dispensing
to the borrowing without a need to provide quotations from suppliers.
The loan will be disbursed on two installments; the first installment is
(70%) of the value of the loan to be paid immediately after signing the
loan facility agreement. The second installment is (30%) to be paid
after ensuring the purchase of production requirements. Interested
borrowers may submit their applications directly to any of the ODB
branches at different parts of the Sultanate. The repayment of the loan
will be made from the yields of the crop, after harvesting it and after
reasonable time for marketing, subject that the repayment term is not
later than (12) months from the date of receiving the first installment.
--- Ends/ MS/ KH
Copyright (C) 2012. Oman News Agency. All rights reserved.
Provided by Syndigate.info an Albawaba.com company