$ 150 m loan to finance infrastructure projects

The Government has successfully completed the raising of a USD 150 million club loan under which funds were provided by a consortium of major international banks, functioning as exclusive club members.

The loan has a three-year maturity with a yearly put option and cost of US$ 6 month LIBOR plus a margin of 250 basis points per annum.

The club facility was arranged by the following Mandated Lead Arrangers.

The Arab Investment Company S.A.A.; BankMuscat S.A.O.G.; Emirates Bank International PJSC; The Hong Kong and Shanghai Banking Corporation Limited; Indian Overseas Bank; Indian Bank; Standard Chartered Bank; State Bank of India and are the Mandated Lead Arrangers to the facility.

The proceeds of the loan will be utilised by the Government to fund infrastructure projects that have been earmarked and approved by the Government and included in the 2008 Budget.