Sunday 06 / July / 2025
Muscat: The World Bank Group has opened a permanent office in Muscat to provide advisory services and monitor projects financed by the World Bank (WB) and its private sector affiliates.
By hosting the WB office, the Sultanate of Oman seeks to better tap the services offered by the World Bank Group and its affiliate organisations that support economic growth and social, urban, commercial and private sector development. The step fits with the goals of Oman Vision 2040.
The presence of a permanent office for the World Bank Group will enable the WB to follow up private sector project financing agreements, better explore private sector financing and raise the number of private sector companies that have obtained Omani export guarantee certificates.
The new office will also provide advice to private sector companies in technical, investment and financing fields.
The WB office will furnish platforms for building a network of business relationships that will help the private sector grow and connect to trade sectors across GCC states and the Middle East, thus offering opportunities for expanding private sector activity and increasing national exports.
The WB permanent office in the Sultanate of Oman will follow up the opening of permanent offices in the Kingdom of Saudi Arabia, the United Arab Emirates, the State of Kuwait and the State of Qatar.
During the first half of this year (2025), the World Bank Group signed two agreements in Oman.
The first agreement was aimed to cover financing for Omani private sector projects to the tune of OMR123 million, partly for consolidating the portfolio of the National Finance Company (OMR46 million) and enhancing the portfolio of Bank Sohar International (OMR77 million).
The agreement sought to provide financing services to micro-enterprises and small and medium enterprises (SMEs) in promising economic sectors. The agreement helps emerging enterprises to receive direct consultations to help them grow, connect with the commercial, investment and financing system and expand in the Middle East and beyond.
The second financing agreement signed by the WB group with “United Solar Polysilicon” company in Sohar to establish a solar panel production unit in Sohar to the tune of OMR737 million.
The factory will serve as a key player in the clean energy industry in the Sultanate of Oman, besides boosting industrial exports.
Wendy Werner, World Bank Group’s country manager for Oman, said, “The WB Group looks forward to close cooperation with the public and private sectors to support building a resilient economy, enhance SMEs access to sustainable financing and enable the Omani private sector to develop more strongly, locally and internationally.”
