Providing a better living condition for the fourteen thousand (14,000) inhabitants of the Masirah Island, South AL-Sharqiyah Governorate, is the main objective of the Oman Development Bank (ODB) in its project “Masirah Island Sector Finance Project.
Masirah Island has three (3) small islands that are home to rare birds and is famous for sea turtle nesting along its coasts. It has many scenic attractions that qualify the island to become a tourist destination.
The project aims to provide a range of financial services that contribute to enhancing the ODB’s financing role on Masirah Island by opening an outlet and providing facilities to suit the island’s exceptional nature.
The funding targets the fishery sector which is the main source of living for the island’s residents, spreading over 12 different villages. The financing also aims to strengthen the tourism sector by financing tourist accommodation projects and increasing number of tourists and visitors to the island.
The project will provide employment and investment opportunities for the residents and other entrepreneurs from outside the island.
ODB’s “Masirah Island Sector Finance Project” received a Merit Award in the 2019 ADFIAP Outstanding Project Awards under the local economic development category.