Oman Broadband signs RO92mn financing agreement

Muscat - Oman Broadband Co signed a RO92mn financing agreement with Asian Infrastructure Investment Bank (AIIB) to invest in infrastructure and finance its projects.

The agreement was signed by Said bin Hamdoon al Harthy, undersecretary for ports and maritime affairs at the Ministry of Transport and Communications and chairman of the board of directors of Oman Broadband. The signing ceremony was organised under the auspices of Dr Ahmed bin Mohammed al Futaisi, Minister of Transport and Communications.

Said bin Abdullah al Mantheri, chief executive officer of Oman Broadband, said that the agreement with AIIB seeks to provide high-speed communications services through the implementation of fibre optic network expansion projects. “It is also one of the most important stages of the company, which will be able through it to rely on external funding in the coming projects and without any government guarantees.”

Mantheri said that the loan will be used to finance the capital projects of the company to be completed by 2021 within the first phase of the implementation of the National Broadband Strategy. The signing ceremony was attended by a number of undersecretaries and chief executive officers of the companies in telecommunications sector.

Muscat Daily Contribution Time: 06-Sep-2018 06:12 (GMT)
Muscat Daily Last Update Time: 06-Sep-2018 06:12 (GMT)