Arab Fund loan to Oman

The Arab Fund for Economic and Social Development on Tuesday signed a loan agreement with Oman worth 19 million Omani Riyals.

The Gulf News Agency reported that Oman's minister of economy Ahmad Makki and the Fund's director-general, Abdul Latif al-Hamad, co-signed the agreement.

The loan will be used to complete improvements at Raisout harbor at a total cost estimated at 50 million Omani Riyals. The first phase of the project is expected to be completed in October this year. The loan, which will be repaid in 22 years and six months, represents 37% of the total cost of the project.