The Sultanate of Oman has signed agreements worth RO 243 million (US$631 million) with the Islamic Development Bank Group (IsDB) to finance the construction of flood protection dams, reports Zawya.
The signing took place this week on the sidelines of the 50th Annual Meeting of the Board of Governors of the IsDB Group, held in Algiers.
The agreements were formalised by Sultan bin Salim al Habsi, Minister of Finance, and Dr Mohammed bin Sulaiman al Jasser, Chairman of the Islamic Development Bank Group.
In addition to the financing agreements, the Sultanate signed a framework memorandum aimed at strengthening strategic cooperation and economic integration with the IsDB Group and its member states.
The memorandum outlines multiple areas of collaboration, including infrastructure development, private sector support, and investment in key sectors such as roads, electricity, water, sanitation, tourism, and manufacturing. It also includes the development of industrial zones and the enhancement of human and institutional capacities.
