Japanese export bank lends $250 million to Oman

Oman's government endorsed an agreement yesterday to obtain a new loan from the Export-Import Bank of Japan (JEXIM) in Tokyo, valued at $250 million to finance the establishment of Sohar port.

The port will export industrial products, as Oman will establish a group of large industrial projects, among which are an aluminum melting facility, a fertilizer factory and a petro-chemicals complex.

Omani Minister of National Economy and Deputy chairman of Financial Affairs and Energy Resources Council Ahmed bin Abdul Nabi Macki, who is currently visiting Japan, signed the agreement for Oman.

The length of the loan will be 16.5 years, including a three-year grace period. It will be financed by 50% American dollar and 50% Japanese yen, but the two sides did specify the loan's rate of interest.