Energy Development Oman (EDO) has secured a $2.5 billion debt funding transaction, attracting a massive market response at competitive rates, Times of Oman reported.

The financing transaction is aimed at supporting EDO in its plans to alleviate the funding requirements for the Government’s Block 6.

EDO is mandated to enhance efficiencies and governance in Oman’s energy sectors, achieve growth, and unlock value through value chain integration and diversification.

“The creation of EDO and the progress made since its establishment constitute a historic achievement for Oman, and it will serve as a vehicle for accelerated development and value creation. In particular, the successful execution of the syndicated deal is a major milestone for EDO and the country,” Haifa Al Khaifi, EDO Interim CEO, commented.

“The strong participation from local, regional and international banks is another sign of Oman’s attractiveness for global investors and paves the way for fruitful and sustainable collaboration with international partners,” he added.