AFESD, Oman Housing Bank agree $295m for roadworks, home loans
Arab Fund for Economic and Social Development will work with the bank on a road project in Sezad and home loans for Omanis
The government of Oman and Arab Fund for Economic and Social Development (AFESD) have inked two financing deals valued at $295.4m (OMR113.6m) for the development of a road project in Special Economic Zone of Duqm (Sezad) and to support Oman Housing Bank's programmes for providing housing loans to Omanis.
Valued at $98.8m (OMR38m), the first deal will help finance Phase 2 of the 13.8km Road No 32.
According to Times of Oman’s report quoting Oman News Agency, the project will contribute to the improvement and development of land transport services in Sezad.
Additionally, it will link the main divisions of Duqm Development Project, which will facilitate the flow of goods between investment projects in the zone and the rest of the sultanate.
Under the second agreement inked between ASESD and Oman Housing Bank, valued at $196.6m (OMR75.6m), the bank will deliver housing programmes aimed at providing monetary provisions for Omani nationals.
Director-general and chairman of board of directors of AFESD, Abdul Latif Yousef al-Hamad, signed the agreements with secretary general of the sultanate’s Ministry of Finance, Nasser bin Khamis al-Jashmi, and general manager of Oman Housing Bank, Adnan bin Haidar Darwish.