PM arrives in Muscat, signs MoU

New Delhi and Muscat have signed a MoU to set-up a $100 million investment fund — the first such bilateral financial agreement entered into by India — to finance key projects in either country, reports Tushar Srivastava.

Updated on: Nov 9, 2008, 01:30:08 IST

Hindustan Times | By Tushar Srivastava, Muscat

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New Delhi and Muscat have signed a Memorandum of Understanding (MoU) to set-up a $100 million investment fund — the first such bilateral financial agreement entered into by India — to finance key projects in either country.

Another key MoU was signed between the two sides on Saturday — the first day of Prime Minister Manmohan Singh’s visit to Muscat. The Ministry of Indian Overseas Affairs signed a MoU with Oman’s Ministry of Overseas and Ministry of Manpower in the field of manpower.

The MoU for the $100 million investment fund, to be known as the India-Oman Joint Investment Fund, was signed between the State Bank of India and the State General Reserve Fund of Oman on Saturday.

Senior Indian officials said the open-ended fund, to be set-up with seed money of $100 million, was extendable up to $1.5 billion.

ABOUT THE AUTHOR
Tushar Srivastava
Tushar was part of Hindustan Times’ nationwide network of correspondents that brings news, analysis and information to its readers. He no longer works with the Hindustan Times.

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