Tuesday 15 / April / 2025
Muscat: The Sultanate of Oman, represented by the Ministry of Finance, on Monday hosted the World Bank Group (WBG) Day.
The opening ceremony was held under the auspices of Sultan Salim Al Habsi, Minister of Finance.
The event brought together representatives from the WBG, the International Finance Corporation (IFC), and the Multilateral Investment Guarantee Agency (MIGA), as well as officials from the public and private sectors.
This gathering is part of ongoing efforts to foster growth in Oman’s public and private sectors.
The Ministry of Finance undertakes a vital role in supporting these efforts by cultivating a sustainable investment and development environment that contributes to the objectives of Oman Vision 2040.
The event included two workshops. The first workshop focused on strategies to strengthen the private sector within the national economy, emphasising its crucial role in achieving sustainable development in the Sultanate of Oman.
Private investments in vital areas such as renewable energy, energy efficiency, and technology support Oman’s transition toward a more diversified and sustainable economy.
These investments also serve as a strategic step toward enabling Omani companies to expand regionally and globally, thereby enhancing the competitiveness of Oman’s economy and elevating Oman’s status on the global economic map.
The second workshop highlighted IFC’s role in supporting the private sector, focusing on private-sector financing and technical advisory services. Through these efforts, IFC contributes to advancing the national objectives of Oman Vision 2040, including sustainable growth.
On the sidelines of the meeting, three agreements were signed with the International Finance Corporation to support sustainable investment opportunities in the Sultanate of Oman.
These agreements seek to bolster sustainable finance in Oman and to empower private-sector growth by creating jobs and driving economic diversification.
The first agreement, signed between the IFC and Future Fund Oman (FFO), aims to explore and develop joint investments in several key sectors, including sustainable green manufacturing, clean energy, tourism, logistics, agribusiness, and healthcare. This initiative supports economic diversification and helps reinforce non-oil revenue activities.
The second agreement, signed between the IFC and the National Finance Company for a total of USD 120 million, aims to bolster sustainable projects in the Sultanate of Oman by supporting initiatives in clean transportation, renewable energy, and energy and water efficiency for both individuals and small and medium enterprises (SMEs).
Furthermore, the IFC signed a cooperation agreement with the United Solar Polysilicon (USP) to support the development of a USD 1.6 billion greenfield polysilicon plant in Sohar, with a planned capacity of 100,000 tons per annum. This project seeks to diversify and expand global supply chains in the solar energy sector, making it one of the largest polysilicon production plants outside of East Asia.
In his Speech, Mahmoud Abdullah Al Awaini, Secretary General of the Ministry of Finance affirmed that this gathering is part of a broader commitment to boost sustainable economic development and unlock new growth opportunities for the public and private sectors in Oman—achieved through leveraging the strategic partnership with the WBG and the IFC.
He noted that this meeting also serves as a pivotal step in ongoing dialogue with the IFC and the World Bank, ensuring that Omani companies can access global expertise, diverse financial solutions, and strategic guidance.
By providing a business environment that encourages investment, supports innovation, and enhances competitiveness, Oman enables companies to expand into emerging markets and developing economies.
In his turn, Aftab Ahmed, Regional Director for the Middle East, Afghanistan and Pakistan at the International Finance Corporation said, “These new agreements not only underscore Oman’s growing role in the region but also signal strong investor confidence in the country’s economic potential.”
He also pointed out that the signing of these agreements is part of strengthening cooperation between the IFC and Oman.
It is worth noting that this gathering aims to strengthen the private sector’s role, empower it to drive economic growth, and open new pathways into emerging markets and developing economies. -ONA
