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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

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Publication:Oman News Agency
Date:Jul 8, 2012
Words:314
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