A loan agreement between the Omani government and the Arab Fund for Economic and Social Development was signed at the Omani Ministry of Finance Monday. According to the new agreement, a loan of KD. 22 million (RO. 28,9 million) will contribute in financing part of the cost of the project for development and expansion of Salalah Port. This project's total costs are around RO. 106,25 million including the works and the port’s facilities.
The agreement was signed on behalf of Oman by Ahmed bin Abdul-Nabi Macki, Minister of National Economy and Deputy Chairman of the Financial Affairs and Energy Resources Council, while Abdul-Latif Yousef al-Hamad, director-general, chairman of the board of directors of the fund signed for the Arab economic and Social Fund.
According to ONA, the basic terms of the aforesaid loan agreement included repayment of the loan in half yearly installments within 18 years and six months at an interest of 4% preceded by a grace period of four years.
Salalah Port Services Company will fund the cost of the equipment, machinaries and the containers terminals of the port at an approximated cost of around RO. 31 million.
