LS Cable selected to establish fiber broadband network in Oman

Lim Chang-won Reporter Posted : 2018-11-06 13:52 Updated : 2018-11-06 13:52
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[Courtesy of LS Cable]

SEOUL -- LS Cable & System, a major cable manufacturer in South Korea, has been selected as a business partner to establish a fiber broadband network in Oman in a project sponsored by the China-backed Asian Infrastructure Investment Bank (AIIB).

LS Cable said Tuesday that it would be responsible for network design, engineering and the supply of optical cables. AIIB's board of directors has approved up to $239.2 million in senior debt to develop Oman's communications infrastructure.

AIIB’s investment will support the first phase of the project which will focus on Muscat and other urban areas Fiber optical broadband cables will be rolled out by the end of 2021. This is AIIB’s first stand-alone non-sovereign-backed limited recourse financing that involves mobilization of private capital through syndication.

"It is meaningful to participate in this project after the first AIIB approved electric power project in Bangladesh last year," LS Cable CEO Myung Roe-hyun said. "I hope it will be a more opportunity for South Korean companies to participate in AIIB projects."