Overview

CDB provides $150 million loan to Bank Muscat for on-lending purposes

Commitments (Constant USD, 2023)$154,760,073

Commitment Year•2020Country of Activity•OmanDirect Recipient Country of Incorporation•OmanSector•Banking And Financial ServicesFlow Type•Loan

Status

Project lifecycle

Pipeline: Commitment

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date: Jun 10, 2020

Last repayment (originally scheduled): Jun 9, 2025

Stakeholders

Organizations involved in projects and activities supported by financial and in-kind transfers from Chinese government and state-owned entities

Ultimate beneficial owners

At least 25% host country ownership

Funding agencies

State-owned Policy Banks

China Development Bank (CDB)

Receiving agencies

Private Sector

Bank Muscat

Implementing agencies

Private Sector

Bank Muscat

Loan description

CDB provides $150 million loan to Bank Muscat for on-lending purposes

Interest type•UnknownMaturity•5 years

Narrative

Full Description

Project narrative

On June 10, 2020, Bank Muscat — the leading financial services provider in the Sultanate of Oman — announced that it had signed a $150 million unsecured bilateral loan facility agreement with China Development Bank (CDB). The loan carries a 5-year maturity and an unknown interest rate. The borrower is expected to use the loan proceeds to engage in on-lending activities in Oman (i.e. to support Bank Muscat’s financing operations in the country).

Staff comments

1. Bank Muscat is a financial services provider in the Sultanate of Oman providing corporate banking, retail banking, investment banking, treasury, private banking and asset management. The bank, with assets worth $31.9 billion in 2018, has the largest network in Oman exceeding 150 branches. Bank Muscat's major shareholder is the Oman sultanate (23.63%).