The Asian Infrastructure Investment Bank (AIIB) has approved two loans totaling 301 million US dollars for transport sector projects in Oman.
The bank's first financing in the Arabian Peninsula comprises 265 million US dollars to maritime infrastructure at Oman's Duqm Port and 36 million US dollars to the country's first railway system, the AIIB said in a statement.
The projects are expected to enhance Oman's economic prospects and maritime trade links with other countries, the AIIB added.
"I am pleased the bank will be able to help the government of Oman diversify its economy through the approval of these two projects," AIIB President Jin Liqun said.
Xinhua Photo
The two projects bring the total amount of loans approved so far by the bank, which began operations in January, to 1.13 billion US dollars.
"We have a strong pipeline of investments for next year, and we will continue working hard to help develop the sustainable infrastructure that Asia needs," Jin added.
The Beijing-based AIIB is a multilateral development bank initiated by China and supported by a wide range of countries and regions, and provides financing for infrastructure improvement in Asia.
(Source: Xinhua)
