Bank Muscat inks $170m loan deal with IFC

Bank Muscat has signed a $170m subordinated loan agreement with the International Finance Corporation, a unit of the World Bank, the Omani lender said in a statement posted on its website. In November, Bank Muscat, Oman's largest lender by market value, said it was in talks with IFC to raise the agreed amount in subordinated debt. The loan agreement was signed on Dec 29, the statement said. The IFC has invested in Bank Muscat through the IFC Capitalisation Fund, set up to support emerging market banks. The funds are aimed at strengthening Bank Muscat's capital base and supporting the bank's small and medium enterprises (SME) division and its housing finance unit, the statement said. Shares in Bank Muscat were trading up 0.65 percent at 0.769 rials ($2.00) at 0740 GMT.