Oman is seeking to raise up to $1.2bn to finance infrastructure at the country’s Duqm Special Economic Zone.

The UK’s Standard Chartered has been hired as the global coordinator Oman raise the funds that could be backed by the World Bank’s Multilateral Investment Guarantee Agency, says a report by news agency Bloomberg.

Oman may raise the financing through a loan or bond with a potential maturity of 15 to 20 years.

Duqm is Oman’s largest construction project. The $20bn scheme involves developing the town of Duqm and its surrounding infrastructure. This includes a port and airport, along with a free zone and industrial area, housing, offices, hotels, hospitals and shopping malls.