Oman Signs Loan Agreements with Arab Fund for Economic and Social Development

Muscat, Oman signed a loan agreement with the Arab Fund for Economic and Social Development on Wednesday to fund a number of development projects in the water and roads sectors.

The two agreements were signed in Muscat by Omani Minister Responsible for Financial Affairs, Darwish bin Ismail Al Balushi, and Abdlatif Yousef Al-Hamad, the director general and board chairman of the Arab Fund for Economic and Social Development.

The first loan is worth 50 million KD as a contribution to the Barka/Nakhal road in the South Al Batinah governorate and covers 39 kilometers in addition to service roads with a total of 27 kilometers, and Taqah/Mirbat road in Dhofar governorate with a length of 36 kilometers with service roads that add up to a length of 18 kilometers.

The projects target developing the services of ground transport in the main axes of the road networks, and to avail capacity for the increased number of transport and decrease the number of accidents and to contribute to support the economic and social development in the area.

The second loan is worth 60 million KD to contribute to the project of moving water from Al Ghubrah Plant to Seeb Plant and from Barka Plant to Ad Dakhiliyah Governorate.

The loans are meant to be paid back within 30 years with an interest rate of 2.5 percent.

Source: Qatar News Agency