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.