Muscat: 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.
According to Oman News Agency, the event brought together representatives from the WBG, the International Finance Corporation (IFC), and the Multilateral Investment Guarantee Agency (MIGA), along with 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 plays 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 featured 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 Oman. Private investments in areas such as renewable energy, energy efficiency, and technology support Oman’s transition toward a diversified and sustainable economy. These investments also serve as a strategic step toward enabling Omani companies to expand regionally and globally, enhancing the competitiveness of Oman’s economy.
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 IFC to support sustainable investment opportunities in Oman. These agreements seek to bolster sustainable finance in Oman and 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 sectors including sustainable green manufacturing, clean energy, tourism, logistics, agribusiness, and healthcare. This initiative supports economic diversification and reinforces non-oil revenue activities.
The second agreement, signed between the IFC and the National Finance Company for USD 120 million, aims to bolster sustainable projects in Oman by supporting initiatives in clean transportation, renewable energy, and energy and water efficiency for individuals and small and medium enterprises (SMEs).
Furthermore, the IFC signed a cooperation agreement with 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 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 through leveraging the strategic partnership with the WBG and the IFC.
Khawaja Aftab Ahmed, Regional Director for the Middle East, Pakistan, and Afghanistan, noted, “We are excited to mobilize capital for impactful projects in Oman and support the country in its ambitious growth journey towards Oman Vision 2040. 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.”
Safaa El Tayeb El Kogali, Country Director for the GCC at the World Bank, said the meeting aimed to introduce the services the WBG can provide to Oman, which joined the group as a member in 1971. She emphasized the importance of partnering with Oman in exploring more green financing opportunities to achieve the goals of Oman Vision 2040.
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.