DFCC selected for Oman Development Bank consultancy

DFCC Bank has won a mandate from the Oman Development Bank (ODB) to undertake a consultancy assignment to recommend a comprehensive road map to launch deposit products for the first time in the ODB’s 31 year history.

The only government owned and funded development finance institution in the Sultanate of Oman, ODB invited proposals from international consultants to select a suitable consultant to handle the assignment.

DFCC Bank competed with several international bidders and was selected on its strength and track record as a development finance institution that has travelled the same road successfully.

The Oman Development Bank, which has hitherto been offering term loans for development, has been receiving operating funds exclusively from the Government of Oman. Recently the Bank has been permitted by a Royal Decree to offer working capital loans to businesses, provided the funds for the additional activities are garnered from other sources.

In recent times, DFCC has leveraged its considerable expertise gained as a DFI to provide consultancy services in Sri Lanka and overseas. Recent overseas consultancy assignments include mini hydropower development related work for the Department of Energy of the Philippines and the Energy for Rural Transformation Project in Uganda.

DFCC CEO Nihal Fonseka said, “DFCC is not a normal consultant who makes recommendations based on third party experience.

We are an institution that having started life as a pure DFI providing capital asset funding over 50 years ago, has successfully made the transition in the past 10 years to a financial services group that provides follow on working finance, trade finance, forex, investment banking and payment services while retaining our core strength and position in development financing; a transition that is important for the sustainable growth of DFIs.”