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Observer
14-04-2025
- Business
- Observer
Oman hosts World Bank Group Day, inks green finance deals
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.
Times of Oman
14-04-2025
- Business
- Times of Oman
Pacts inked to boost sustainable finance in Oman
Muscat: The Sultanate of Oman, represented by the Ministry of Finance, on Monday hosted the World Bank Group (WBG) Day. The opening ceremony was held under the auspices of Sultan Salim Al Habsi, Minister of Finance. The event brought together representatives from the WBG, the International Finance Corporation (IFC), and the Multilateral Investment Guarantee Agency (MIGA), as well as 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 undertakes 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 included two workshops. The first workshop focused on strategies to strengthen the private sector within the national economy, emphasising its crucial role in achieving sustainable development in the Sultanate of Oman. Private investments in vital areas such as renewable energy, energy efficiency, and technology support Oman's transition toward a more diversified and sustainable economy. These investments also serve as a strategic step toward enabling Omani companies to expand regionally and globally, thereby enhancing the competitiveness of Oman's economy and elevating Oman's status on the global economic map. 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 International Finance Corporation to support sustainable investment opportunities in the Sultanate of Oman. These agreements seek to bolster sustainable finance in Oman and to 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 several key sectors, including sustainable green manufacturing, clean energy, tourism, logistics, agribusiness, and healthcare. This initiative supports economic diversification and helps reinforce non-oil revenue activities. The second agreement, signed between the IFC and the National Finance Company for a total of USD 120 million, aims to bolster sustainable projects in the Sultanate of Oman by supporting initiatives in clean transportation, renewable energy, and energy and water efficiency for both individuals and small and medium enterprises (SMEs). Furthermore, the IFC signed a cooperation agreement with the 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, Secretary General of the Ministry of Finance 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—achieved through leveraging the strategic partnership with the WBG and the IFC. He noted that this meeting also serves as a pivotal step in ongoing dialogue with the IFC and the World Bank, ensuring that Omani companies can access global expertise, diverse financial solutions, and strategic guidance. By providing a business environment that encourages investment, supports innovation, and enhances competitiveness, Oman enables companies to expand into emerging markets and developing economies. In his turn, Aftab Ahmed, Regional Director for the Middle East, Afghanistan and Pakistan at the International Finance Corporation said, '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.' He also pointed out that the signing of these agreements is part of strengthening cooperation between the IFC and Oman. It is worth noting that 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. -ONA
Zawya
14-04-2025
- Business
- Zawya
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
Yahoo
09-04-2025
- Politics
- Yahoo
Students from Pa. private colleges advocated for financial aid
AICUP President Tom Foley speaks in the rotunda of the capitol in Harrisburg (Capital-Star photo by Ian Karbal) On Wednesday, roughly 150 students from independent colleges and universities across Pennsylvania gathered in Harrisburg to advocate for student aid funding. It was part of the annual AICUP (Association of Independent Colleges & Universities of Pennsylvania) Day at the Capitol. They travelled from over 25 schools to help convince lawmakers to continue or increase funding financial aid programs that support students in the state attending private schools like theirs. 'Programs like PHEAA [Pennsylvania Higher Education Assistance Agency] and Ready to Succeed are the reason I can stay at my school and have the opportunity to speak on its behalf today,' Dustin McMullen, a 21-year-old Seton Hill student, said in the rotunda. 'I stand here today, and I urge policy makers and stakeholders to continue investing in programs like PHEAA and ready to succeed.' He said the crowd, made up of fellow college students, administrators, lobbyists and journalists, was larger than his class at Rocky Grove high school in Franklin, which graduates around 60 people every year. McMullen, a first-generation college student, told the Capital-Star that he likely would not have been able to attend college without financial assistance. But with state funding, he's enrolled in a unique program, the early acceptance medical program, where he's obtaining a liberal arts degree, with a seat in Lake Erie College of Osteopathic Medicine's grad program awaiting him when he graduates. His goal is to become an anesthesiologist. For him, it was important to come to Harrisburg and advocate on his and other schools' behalf. Before his speech, McMullen and the other students met with lawmakers and legislative staff members to stress the importance of continued financial aid for students attending private college. 'I'm an RA, a resident assistant, at Seton Hill. So I see residents who struggle with finances, but thanks to these financial aid programs, they're able to come and get the opportunity that they wouldn't get at other places.' Tom Foley, the president of AICUP, which represents 85 schools, stressed the importance of funding education at independent colleges. And part of that, he said, is dispelling myths about the kinds of students private schools attract 'I think most people assume that low income kids are all in publicly-funded schools,' Foley said. 'But actually, the majority of them are in these schools.' According to data provided by AICUP, out of all students working towards bachelor's degrees in Pennsylvania, 46% of lower-income Pell Grant-eligible students attend independent schools. That also includes 47% of students receiving PHEAA grants, and 52% of underrepresented minority students seeking both bachelor's and advanced degrees. Collectively, 275,000 students seeking four-year degrees attend AICUP schools. SUPPORT: YOU MAKE OUR WORK POSSIBLE Foley said that he doesn't predict a decline in funding from the state legislature for student financial assistance programs, but is worried about the impacts of the federal government's moves to slash funding at some universities around the country. In March, Foley wrote a letter to Pennsylvania's congressional delegation, warning about the potential impacts of proposed funding cuts to research programs at colleges and universities, including 35 AICUP member schools. Now, he's worried what will happen to direct student aid. 'We're very concerned,' he said. 'But we can't tell yet. When they've talked about higher education in the new administration, they always say, 'We're going to protect Pell Grants. We're going to protect the student aid programs.' Hopefully, that is the case.' Olivia Fabiano, a senior at Elizabethtown College, also made the trip to the Capitol. . Like McMullen, for her, this is personal. Fabiano said she likely would not have been able to afford tuition at the school without financial assistance, especially with other college-aged siblings and a brother with costly medical needs. 'I think it's important for everybody to have that equal opportunity to receive the higher education that they know they deserve,' Fabiano said. 'There shouldn't be a financial burden holding a student back from pursuing any sort of college, or the one that they want to be at.' She was drawn to Elizabethtown over other state-owned and state-related schools because of the small class sizes. She had been able to attend a private middle school because her mom worked there, and attributed the level of individualized attention she could receive to her social and academic success. Coming to Harrisburg, Fabiano felt that communicating her lived experience to lawmakers would be more effective than AICUP just providing them with statistics. And it was a chance to see first-hand how the process works. As a marketing student, she hopes to land a job at an advocacy organization, or in government, where she feels that she's working towards positive change. 'I'm very interested in doing marketing for something like this, in politics,' Fabiano said. 'I'm actually having coffee with someone on [Governor Josh] Shapiro's communications team because it's so interesting to me.' Dashawn Sheffield, another student who travelled to Harrisburg, felt it was important to tell lawmakers how much financial assistance meant to him. He said financial aid programs, like the Ready to Succeed scholarship, along with four jobs on and off campus, are the reason he is able to attend Lafayette College. It was his second year attending an AICUP day at the capital. 'These grants do not just fund education,' Sheffield told a crowd in the rotunda. 'They fuel opportunity, ambition and success.' Another reason he wanted to be on hand is because of his fascination with politics — he's double majoring in government and international politics. And, in his spare time, he advocates for campaign finance reform in Pennsylvania. 'I've always known I wanted to be a politician of some sort,' Sheffield said. 'I am really looking to make a large-scale impact one day.' For him, two years of coming to Harrisburg to advocate for low-income students like himself helped build that resolve. 'It really strengthened that for me, being able to experience firsthand testifying, giving a speech, and also speaking to the legislators,' Sheffield said. 'I'm leaving knowing I was a voice for many different students like me.'
