Oman Hosts World
Bank Group Day
Muscat, 14
Apr (ONA) — The Sultanate of Oman, represented by the Ministry of Finance,
today 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, emphasizing 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.
On 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.
—Ends/AG
