Muscat, March 01 (QNA) - Qatar National Bank - Oman (QNB Oman) has signed a $43 million strategic financing agreement with Karwa Motors, a joint investment initiative between the State of Qatar and the Sultanate of Oman.

The agreement aims to finance a five-year project between Karwa Motors and the Ministry of Education in Oman, with a total value of $287 million, to enhance the efficiency of the school transport sector in line with the latest global standards.

The agreement was signed by CEO of QNB Oman Khalid Al Barwani, and CEO of Karwa Motors Dr. Ibrahim Al Balushi, in the presence of senior officials from both sides.

This agreement reflects QNB's commitment to expanding its client base and reaffirming its position as a trusted financial partner for corporate clients in Oman, offering integrated banking services and solutions.

On this occasion, Khalid Al Barwani stated that QNB Oman, as one of the leading financial institutions, is always keen to support such projects that encourage innovative solutions across all economic sectors, including the transport sector, and contribute to accelerating the implementation of plans related to the National Program for Bracing the Economic Diversity.

CEO of Karwa Motors Dr. Ibrahim Al Balushi commented that based on the agreement signed today, Karwa Motors will receive financial facilities from QNB, reflecting mutual trust between the two parties in enhancing the company's financial capabilities and expanding its business scope.

QNB Oman is a subsidiary of Qatar National Bank Group (QNB) (Qatari Public Shareholding Company), one of the leading financial institutions in the Middle East and Africa, and among the highest-valued banking brands in the regional market. (QNA)