Muscat: The World Bank Group has inaugurated its first permanent office in Muscat, Oman, with the aim of providing advisory services and overseeing projects financed by the World Bank (WB) and its private sector affiliates.
According to Oman News Agency, the establishment of the World Bank office in Oman is a strategic move to better leverage the services offered by the World Bank Group and its associated organizations, which focus on fostering economic growth and facilitating social, urban, commercial, and private sector development. This initiative aligns with the objectives of Oman Vision 2040.
The permanent office will enable the World Bank to closely monitor private sector project financing agreements, explore opportunities for private sector financing, and increase the number of private sector companies that secure Omani export guarantee certificates. In addition, the office will offer technical, investment, and financial advice to private sector companies.
The new office will create platforms for building a network of business relationships that will assist the private sector in growing and connecting with trade sectors across the GCC states and the broader Middle East, thereby expanding private sector activity and boosting national exports.
The establishment of the permanent office in Oman follows the opening of similar offices in Saudi Arabia, the United Arab Emirates, Kuwait, and Qatar.
In the first half of 2025, the World Bank Group signed two significant agreements in Oman. The first agreement provided financing for Omani private sector projects amounting to RO 123 million, which included support for the National Finance Company (RO 46 million) and Bank Sohar International (RO 77 million). This financing aims to support micro-enterprises and SMEs in promising economic sectors, offering them direct consultations to foster growth and facilitate their connection with the regional commercial, investment, and financing systems.
The second agreement involved financing with ‘United Solar Polysilicon’ company to establish a solar panel production unit in Sohar, with an investment of RO 737 million. This facility is poised to play a crucial role in Oman’s clean energy sector and enhance industrial exports.
Wendy Werner, the country manager for the World Bank Group in Oman, expressed optimism about the collaboration with Oman’s public and private sectors, emphasizing the goal of building a resilient economy and improving SMEs’ access to sustainable financing, thereby strengthening the Omani private sector both locally and internationally.