Oman picks FAB and Bank Muscat to arrange $2bln loan - sources | ZAWYA MENA Edition:
The government of Oman has picked First Abu Dhabi Bank and Bank Muscat to coordinate a $2 billion bridge loan it is seeking to borrow from international and regional banks, according to two sources familiar with the matter.
Oman is taking out the one-year loan - which would subsequently be repaid with money raised from an international bond - to bolster state coffers hit by low oil prices and the economic downturn caused by the coronavirus crisis.
It started talks with banks for the loan in June, sources told Reuters earlier this month.
First Abu Dhabi Bank and Bank Muscat have been chosen to coordinate the deal, two sources said.
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