Oman’s Special Economic Zone Authority in Duqm (Sezad) and China-based Asian Infrastructure Investment Bank (AIIB) have signed a $265 million loan agreement for funding the second phase of Duqm Port, said a report.
The package is related to implementing the commercial terminal within the port, added the Times of Oman report.
As per the agreement, Sezad will receive $265 million worth of loan, which will be repaid in instalments for a period of 25 years, including five-year grace period.
The finance has been availed at a competitive price and low finance fees compared to other financing agencies. The sultanate is one of the leading countries that contributed to the China-based AIIB.
Yahya bin Said Al Jabri, chairman of Sezad, recently signed the agreement with Dr D J Pandian, AIIB vice president and chief executive officer for investment, added the report.