KFAED to fund road project in Oman with USD 32.7 mln

MUSCAT, Jan 27 (KUNA) -- Kuwait Fund for Arab Economic Development (KFAED) signed Tuesday a KD 10 million (USD 32.7 million) loan agreement with the government of Oman to jointly finance a road project in the Special Economic Zone at Duqm (SEZAD).
The agreement was signed in Muscat by Omani Minister of Finance Sultan Al-Habsi and KFAED's Acting Director General Waleed Al-Bahar, in the presence of Chairman of the Omani Public Authority for Special Economic Zones and Free Zones Qais Al-Yousef.
The project costs a total of roughly KD 14.6 million (around USD 47.8 million), the fund said in a press statement to KUNA.
Under the signed agreement, the KFAED's loan will contribute to covering approximately 68.5 percent of the project's total cost, while the government of Oman will bankroll the remaining cost, it added.
The project is projected to be completed by 2027, and is intended to strengthen the economic and social development process of the Sultanate of Oman in general and Special Economic Zone at Duqm (SEZAD) in particular by establishing an integrated road network, it noted.
The Special Economic Zone at Duqm located in Al Wusta Governorate in the center of the Sultanate of Oman, at a distance of 550 square kilometers from the capital Muscat, The Special Economic Zone at Duqm is the largest in the Middle East and North Africa, with an area of 2,000 square kilometers.
The zone contains several economic, tourism and service development zones, the most prominent are a multi-purpose port, a dry dock for repairing ships, a fishing port, a regional airport, and tourist, industrial and logistical areas. (pickup previous) mjb.mt