Wednesday, 12 August 2020

#Oman secures $2 billion bridge loan: sources - Reuters

Oman secures $2 billion bridge loan: sources - Reuters:

The government of Oman has signed a one-year $2 billion bridge loan with a group of international and regional banks, two sources with knowledge of the matter said on Wednesday.

The loan, which will be repaid with money raised from an international bond issuance, will bolster state coffers hit by low oil prices and the economic downturn caused by the coronavirus crisis.

The Omani finance ministry did not immediately respond to a Reuters request for comment.

Sources had previously told Reuters, Oman chose First Abu Dhabi Bank and Bank Muscat to coordinate the loan.

Oman could issue a bond in the next six months to repay the loan “as long as the market is there,” one of those sources said.

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