MUSCAT: The Sultanate of Oman, under the auspices of Sultan bin Salim al Habsi, Minister of Finance, hosted World Bank Group (WBG) Day in Muscat, bringing together representatives from the World Bank Group, the International Finance Corporation (IFC), and the Multilateral Investment Guarantee Agency (MIGA), along with officials from both the public and private sectors.
The event aimed to deepen collaboration between the WBG and Omani institutions to advance sustainable development and support economic diversification in line with Oman Vision 2040. The Ministry of Finance played a central role in facilitating the event and fostering dialogue around building a conducive investment and development environment.
Mahmood al Aweini, Secretary General at the Ministry of Finance, highlighted the importance of the workshop in enhancing IFC’s involvement in Oman. Speaking to the Observer, he said the initiative aims to strengthen the private sector, improve access to finance, and align national policies with global standards. Al Aweini noted that three agreements were signed, including financing for a local financial institution and investment in a sustainable industrial project. He also revealed that Oman is on track to secure up to $1 billion in IFC funding, adding that such partnerships play a key role in boosting institutional strength and investor confidence.
Khawaja Aftab Ahmed, Regional Director at IFC, described the opening of IFC’s office in Muscat as a major milestone that will allow the organisation to better identify opportunities, build stronger partnerships, and contribute more effectively to Oman’s development goals. He reiterated IFC’s commitment to supporting Oman in becoming a vibrant, dynamic economy with a leadership role in the region. The agreements signed, he said, reflect growing investor confidence and Oman’s rising influence in the region’s development landscape.
The event included two focused workshops. The first addressed strategies to enhance the private sector’s contribution to national development, especially in renewable energy, technology, and sustainable industries. The second workshop highlighted IFC’s financing tools and advisory services aimed at supporting Oman Vision 2040 and achieving long-term sustainable growth.
Three key agreements were signed with the IFC to promote sustainable investment in Oman. The first, between IFC and Future Fund Oman (FFO), seeks to explore joint investments in sectors such as green manufacturing, clean energy, tourism, logistics, agribusiness, and healthcare. The second agreement, with National Finance Company, involves up to $120 million in financing for projects focused on clean transportation, renewable energy, and energy and water efficiency, particularly targeting individuals and SMEs. The third agreement, signed with United Solar Polysilicon (USP), supports the development of a $1.6 billion greenfield polysilicon plant in Suhar, with an annual production capacity of 100,000 tonnes. The project aims to diversify and strengthen global solar energy supply chains, positioning Oman as a key player outside East Asia.
In his closing remarks, Al Aweini reaffirmed Oman’s commitment to creating a business environment that fosters innovation, competitiveness, and investment, enabling local companies to expand into international markets. He stressed that the partnership with the WBG and IFC is crucial to unlocking future economic growth.
Echoing this view, Khawaja Aftab Ahmed expressed enthusiasm about mobilising capital for impactful projects and supporting Oman’s progress toward its Vision 2040 goals. The event signalled a significant step in reinforcing the private sector’s role in Oman’s economic trajectory and strengthening the nation’s ties with the World Bank Group in pursuit of a sustainable and diversified future.
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