KFAED offers Oman with KD 30-mln loan                                  22/01/2012 KUWAIT- Kuwait Fund for Arab Economic Development announced in a press statement that an agreement for a loan of K.D. 30 million (equivalent to about Omani Riyals 39 million) to assist in financing Jibrin-Abri Road Project. The statement said that The Memorandum of Understanding was signed today in Muscat on behalf of the Sultanate of Oman by His Excellency Mr. Darwish Bin Ismail Ben Al-Balushi, Minister Responsible for Financial Affairs, whereas Mr. Abdulwahab Al-Bader, Director-General of Kuwait Fund for Arab Economic Development signed the Loan Agreement on behalf of the Fund. The statement added that this project aims at supporting economic and social development in the southern west of the Sultanate of Oman by meeting present and future demand for road transport as well as achieving the integration of the roads network in the Sultanate of Oman, by constructing a road extending between Jibrin and Abri, with a view to improving the efficiency of road transport and increasing road safety as well as reducing vehicle operating costs and passengers time. The Project involves the engineering works necessary for the construction of a 90 Kms highway, which is divided into two sections; the first of which is 43 Kms. Long and the second is 47 Kms long. By extending this Loan, the Fund will have made 23 loans to the Sultanate of Oman with a total amount of K.D. 195 million, equivalent to about Omani Riyals 253.5 million for financing projects in various sectors.   In addition, the Fund provided one technical assistance to the Sultanate of Oman in an amount of about K.D. 142,000 to finance a study relating to the development of animal wealth in the Sultanate. |
