The telecoms operator, which is also the monopoly fixed-line supplier in Oman, used Mashreq Bank of the UAE to arrange the facility.

The money will be used to finance Omantel’s acquisition of Pakistani telecoms company Worldcall, its first significant overseas purchase.

Omantel’s debt was supplied by 18 different banks including three Omani banks, National Bank of Oman, Oman International Bank and Bank Sohar. The international banks that contributed to the fund include Germany’s Commerzbank, the UK’s Lloyds TSB and Chinatrust.

The Omani government is expected to reduce its majority holding in Omantel later this year.