Oman has signed a OR25mn (US$65mn) loan agreement with the Japan Bank for International Cooperation (JBIC) to finance the construction of a road in the eastern Sur region.
The loan is repayable over 13 years with a three-year grace period. The 90km road will serve Oman’s US$2.5bn liquefied natural gas (LNG) plant and other petrochemical projects in Sur.
The loan will finance 45% of the OR56.2mn cost of building the road.
The Abu Dhabi Development Fund has allocated 45% for the project’s cost while the remaining 10% is to be funded by the Omani government.