IFC signs three strategic agreements in Oman to boost economic diversification and foster sustainability
Muscat, Oman – IFC has signed three landmark agreements in Oman on World Bank Group (WBG) Day, an event held in cooperation with Oman's Ministry of Finance. The agreements aim to bolster the country's sustainable finance market and empower the private sector to drive sustainable growth through job creation and economic diversification. The agreements include:
A sustainable finance investment of up to $120 million in National Finance Company (NFC), Oman's leading finance company. IFC's loan will enhance access to sustainable finance for NFC's retail and small and medium enterprise (SME) clients, supporting projects in clean transport, renewable energy, and energy and water efficiency. It also aims to strengthen Oman's sustainable finance market by promoting international standards and best practices, including strict eligibility criteria and transparent monitoring and reporting frameworks. This marks IFC's first investment in Oman's non-bank financial sector in nearly two decades.
An agreement with Future Fund Oman (FFO) to support sustainable, non-oil investments. Through this partnership, IFC and FFO will explore, develop, and co-invest in key sectors including green manufacturing, clean energy, tourism, logistics, agribusiness, and healthcare. The partnership will contribute to economic diversification efforts and promote feasible investment opportunities, while fostering inclusive and sustainable growth.
An agreement with United Solar Polysilicon (USP) to support the development of a $1.6 billion greenfield polysilicon plant in Sohar, with a planned capacity of 100,000 tons per annum. The project is expected to significantly diversify the global solar energy supply chain.
The new agreements align with the key pillars of the government's Oman Vision 2040 plan, which focuses on diversifying the economy, fostering innovation, enhancing education and healthcare, and promoting sustainability.
'We are excited to mobilize capital for impactful projects in Oman and support the country in its ambitious growth journey towards Vision 2040,' said Khawaja Aftab Ahmed, Regional Director for the Middle East, Pakistan, and Afghanistan. '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.'
The WBG Day initiative is part of a series of IFC regional engagements aimed at boosting impact investments, attracting additional capital to support development needs, and promoting cross-border investments, particularly in the energy, food, and water nexus.
Over the last 10 years, IFC has invested and mobilized nearly $10 billion to help more than 70 GCC-based companies grow their business and expand into new markets.
About IFC
IFC — a member of the World Bank Group — is the largest global development institution focused on the private sector in emerging markets. We work in more than 100 countries, using our capital, expertise, and influence to create markets and opportunities in developing countries. In fiscal year 2024, IFC committed a record $56 billion to private companies and financial institutions in developing countries, leveraging private sector solutions and mobilizing private capital to create a world free of poverty on a livable planet. For more information, visit www.ifc.org.
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