Financial and Banking News

AID FLOWS

AFESD Lends Oman $8.7mn for Fishery Project 

The Arab Fund for Economic and Social Development (AFESD) has agreed to lend Oman RO3mn ($8.7mn) to develop marine and fishing facilities on Masira Island, according to an agreement signed on 30 September. The loan is repayable over 15 years, including a three-year grace period, and carries an annual interest rate of 6%.