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Oman signs OMR77m loan agreement with Arab fund
April 09, 2014 , 8 : 39 pm GST
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A view of Oman Housing Bank. - File photo
Oman Housing Bank (OHB) has signed an agreement with the Arab Fund for Economic and Social Development (AFESD) for a loan facility of OMR55 million to partly meet the annual loan programmes provided by the housing bank.
The agreement was signed on the sidelines of the joint annual meetings of the Arab financial institutions and corporations held here. The agreement was signed by Darwish bin Ismael Al Balushi, minister responsible for financial affairs and chairman of OHB board and Abdulatif Yousef AlHamad, general manger and chairman of the fund.
The loan will be repaid in 37 bimonthly installments after four-year grace period from the date of disbursing the first portion of the loan. The loan term is 23 years.
The minister also signed two agreements with the Arab fund. The first agreement was to provide a government guarantee for the repayment of the loan availed to OHB.
As per the second agreement, the Public Establishment for Industrial Estates will obtain OMR21.9 million to finance part of the costs of the infrastructure projects in Sumail Industrial Zone. The loan, which has a term of 21 years, aims at developing the industrial sector and providing small and medium enterprises with their needs.
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