OPEC Fund lends US$50m for new airport terminal
19 Dec 2016, 9:00 AM
The government signed Sunday a US$50 million loan agreement with the OPEC Fund for International Development to finance the expansion of the Ibrahim Nasir International Airport.
According to the finance ministry, the loan will fund the development of a new passenger terminal by the Saudi Binladin group. The project was awarded to the Saudi construction giant last May for an undisclosed amount.
OFID Director-General Suleiman Jasir Al-Herbish signed the loan agreement at a ceremony at the Hotel Jen this morning. Finance Minister Ahmed Munawar signed on behalf of the government.
Munawar said the loan is “semi-concessional” to be repaid in 14 years after a four-year grace period. He did not disclose the interest rate.
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