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Signing USD1.750 Billion Finance Agreement for Al Batinah Expressway with KEDF.

Muscat,Nov. 12 (ONA) ---- RO 672.595 million ( about $1.750 billion) worth finance agreement for part of Al Batinah Expressway was signed at the Ministry of Finance today with Kuwait Economic Development Fund /KEDF/. The finance is deducted for the grant dedicated by the sisterly State of Kuwait to the Sultanate of Oman (about $2.5 billion), as part of the AGCC Development Program.

The agreement was signed by Darwish bin Ismail al- Balushi, Minister Responsible for Financial Affairs and Abdul Wahab Ahmed al- Badr, Director General of KEDF.

It is worth mentioning that the total cost of the Al Batinah Expressway is about RO 1.5 billion. The expressway has eight lanes, 75 interchange and tunnels. The 270 km long road has sub roads that have four lanes (about 250 km) that connect the main road to the residential areas on the Al Batinah costal road; parallel to the project. It also includes stations for truck weights, pedestrian flyovers and rest houses.

The project, expected to be completed by the end of 2018, will contribute to the socio-economic development of the Sultanate and meet the needs of the remarkable growth in the traffic activity.

The signing ceremony was attended by Nasser bin Khamis al- Jashmi, Undersecretary of the Ministry of Finance, Mohammed bin Jawad Hassan bin Sulaiman, Advisor of the Ministry of Finance and Fahd Hajr al- Mutairi, Ambassador of the State of Kuwait to the Sultanate.


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Publication:Oman News Agency
Geographic Code:7KUWA
Date:Nov 12, 2014
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