Oman ruler, sultan Haitham Bin Tarik, has ordered the country’s financial institutions to provide interest-free loans to Small and Medium Size companies as well as individual entrepreneurs whose businesses have been affected by the covid-19 pandemic.
The program according to the ruler’s orders targets more holders of Riyada Card (for small and medium enterprises) and self-employed entrepreneurs, as well as beneficiaries of loans of Oman Development Bank, Zawya reports.
The supreme committee will set up the procedures and terms to meet before accessing the special loan.
The sultanate was hard hit by the pandemic. The Gulf country, according Worldometer, has confirmed as of this Wednesday 33,536 cases including 142 deaths.
After a lockdown, some businesses and industrial activities are to resume this June 24, Zawya notes.
Sultan Haitham Bin Tarik prior to the latest directives, announced 300 million Omani riyals ($779.26 million) in development projects to support the country’s economic growth.
He had announced in march a $20 billion incentive package for financial institutions to combat the impact of the pandemic on the economy.
Moody’s welcome the move though it has downgraded Omani banks’ profiles.