By NNN-ONA
Muscat : A loan agreement was signed here Saturday in the premises of the Oman Ministry of Finance between the government of the Sultanate and Japan Bank for International Cooperation.
As per this agreement a loan in the amount of US $ 660 million (about RO. 254 million) shall be advanced to the Sultanate as a contribution towards financing Al-Duqm Port and Dry Dock project whose total cost amount to about US $ 1096 million (about RO. 421 million).
The agreement was signed by Ahmed bin Abdul-Nabi Macki, National Economy Minister and Deputy Chairman of the Financial Affairs and Energy Resources Council on behalf of the Sultanate’s government, and by Fumio Hoshi, Senior Executive Director of the Bank.
Period of the loan extends to 14 years. Other main terms of the agreement include repayment in half yearly installments for 10.5 years preceded by a grace period of 3.5 years.
The project aims at constructing a port and a dry dock in the wilayat of Al-Duqm at the Al-Wusta region to meet requirement of the international market to use the quays facilities to satisfy the projected needs of the inductees which are currently planned to be implemented within a comprehensive plan to develop wilayat of Al-Duqm in the Al-Wusta region including the establishment of a number of important and strategic industries.
The conclusion of this agreement comes within the care and attention which the government of the Sultanate gives to the projects that contribute to fostering the national economy and decreasing dependence on oil as a major source for the national income.