Oman secures $390mn in loans from AFESD

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24 December 2018

Muscat (WAF)- Darwish al-Balushi, the Omani Minister Responsible for Financial Affairs signed today two loan agreements with Kuwait-based Arab Fund for Economic and Social Development (AFESD), Oman News Agency (ONA) said today.

“(The) loan agreements amounting to 150 million Omani Rials ($390mn) contribute to financing a number of development projects in the Sultanate”, ONA reported.

The first loan agreement, amounting to RO89mn ($231.4mn), will be utilised to finance 70% of the water transmission grid project in al-Batinah Governorate (from Suhar to Barka). The planned 140km network will support the existing water grid. The total cost for the project amounting to RO127mn ($330mn).

The second development loan agreement, amounting to RO61mn ($158.6mn), aims to contribute to the financing of the improvement and expansion of Sinaw-Mahout-Duqm road. The total cost of the project is worth RO86.8mn ($225.7mn), and the loan will cover 70% of this amount.