Japan to help fund Sohar Port development

Tokyo: The Japan Bank for International Cooperation reports it has signed an MOU with Oman's Ministry of Finance covering an untied loan of  up to $150m  for the Sohar Port Expansion Project. Co-financed by a number of Japanese commercial banks, the loans falls under the MOU's scope of 'comprehensive and strategic cooperation for (Omani) infrastructure development projects, and for projects in which Japanese firms have a stake', It will help finance the expansion of Sohar Port, located 230km northwest of Oman's capital Muscat, by supporting the business activities of Japanese firms based in Oman, many of which are expected to deliver machinery and equipment to the Sohar industrial area where the port is based. Oman is also an important source of energy supply for Japan, notes the JBIC.  [27/11/06]