World Bank Group Opens its First Office in Oman

Muscat, 6 Jul (ONA) — 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 organizations 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 RO 123 million, partly for consolidating
the portfolio of the National Finance Company (RO 46 million) and enhancing the
portfolio of Bank Sohar International (RO 77 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 RO 737 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.”

— Ends/Bishara/AG