Oman and the Kuwait-based Arab Fund for Economic and Social Development have signed a 28.9 million rials ($73 million) loan agreement to finance part of the cost for the development and expansion of Salalah Port. The project is to cost around 106.25 million rials, according to a report published today by Arab News. The deal was signed on behalf of the Omani government by National Economy Minister Ahmed bin Abdulnabi Macki, while Abdul-Latif Yousef Al-Hamad, the Director General of the Arab Fund for Economic and Social Development, did it for his establishment. The basic terms of the agreement include repayment of the loan in half yearly installments in 18 years and six months at an interest rate of four per cent preceded by a grace period of four years. Salalah Port Services will fund the cost of the equipment, machinery and the container terminals, costing about 31million rials.
