Mubasher: The Asian Infrastructure Investment Bank (AIIB) has agreed to provide the Sultanate of Oman with $301 million in loans to finance a series of developmental infrastructure projects.

The first loan worth $265 million will be used to finance the development of one of the Sultanate's ports, while the second amounting to $36 million will be used to develop a railroad project, AIIB said in a statement on Friday.

The Chinese-led bank gave no further details on the interest rate of the loan or the repayment time frame.