Pacts signed to provide more financing to extend broadband network coverage across Oman

Business Wednesday 07/December/2022 17:42 PM
Pacts signed to provide more financing to extend broadband network coverage across Oman

Muscat: Oman Broadband has announced the signing of long-term financing agreements worth OMR171 million and spanning 15 years with several banks in Oman.

The agreements aim to refinance the loan of the Asian Infrastructure Investment Bank (AIIB) for infrastructure investment, and for the provision of additional financing to support the expansion of Omani fibre optic network coverage across the Sultanate of Oman’s governorates. The agreements will also help to bridge the digital urban/rural divide, which is in line with Oman’s National Broadband Strategy.

The long-term financing project takes the form of a mix of traditional and Islamic financing provided by a number of local banks, including Bank Muscat, Ahli Bank, Sohar International Bank, Bank Dhofar, National Bank of Oman, Sohar Islamic Bank, Ahli Islamic Bank, and Maisarah Islamic Bank.

Commenting on the agreement signing, Eng. Said Abdullah Al Manthari, Head of the Board of Directors at Oman Broadband said: “The signing of these agreements between the company and several local banks reflects the mutual trust, collaborative efforts, and long-term strategic partnership between both parties. Through these agreements, we foresee future growth prospects in strengthening plans for digital transformation, and the acceleration of its implementation throughout all governorates in Oman.”

He also emphasized that the agreements reflect how confident the financial institutions are in terms of the company’s operational and financial performance – especially after the company managed to complete the first phase of the development plan very effectively and in record time.

Moreover, he pointed out that the agreements reflect the value that the company has achieved and delivered locally in Oman, by involving SMEs and Omani competencies in implementing its operational plans.