State Grid Corporation of China will buy a 49% stake in Oman's Nama Holding, the Chinese company said in a statement on Monday, as part of the Belt and Road Initiative.
The electricity-provider headquartered in Beijing did not expand on financial details of the transaction, however, people with knowledge of the plans told the Financial Times that the acquisition will be worth around $1 billion.
The $1 trillion worth Belt and Road Initiative, which promotes investment in 152 countries around the world has been widely criticized as leaving poor countries with a debt to great for them to repay while being hailed by the Chinese government as an effort for comprehensive development of all nations.
