On October 29th, 2018, Silk Road Fund entered into a participation agreement with Asian Infrastructure Investment Bank (AIIB) to provide a senior loan facility to finance the design and construction of the first phase of the national fiber optic broadband network project in Oman.
Oman’s national fiber optic broadband network project is part of Oman’s National Broadband Strategy. The first phase of the broadband network will extend to Muscat, the capital city of Oman, and the other urban areas. Upon completion of the phase one by the end of 2021, 80% of Muscat will have access to the high-speed optical fiber network. The project aims to improve the communication infrastructure accessibility and quality, which would increase Oman’s appeal as a destination for businesses such as manufacturing and logistics, in order to diversify Oman’s economy and reduce its reliance on the exports of petroleum products.
Silk Road Fund’s participation in this A/B loan syndication structure led by AIIB will enhance the cooperation and co-financing opportunities between Silk Road Fund and multilateral organizations and other financial institutions and promote regional connectivity and local economic growth.