Latest news with #OusmaneDione
Zawya
2 days ago
- Business
- Zawya
World Bank support focused on enhancing Oman's investment climate
MUSCAT: The World Bank's contribution to advancing Oman's ambitious Vision 2040—a long-term strategy for economic diversification, sustainability, and global integration—has been spotlighted in a recent article on the official blogging platform of the World Bank Group. Titled 'Oman Vision 2040: A Blueprint for Sustainable Growth and Global Integration,' the article is co-authored by Dr Khamis bin Saif Al Jabri, Chairman of the Oman Vision 2040 Implementation Follow-up Unit, and Ousmane Dione, Vice President for the Middle East and North Africa at the World Bank. According to the article, a decades-long partnership between Oman and the World Bank has made the institution a key ally in supporting the country's shift from an oil-reliant economy to a knowledge-based, globally competitive nation. The Bank's support aligns with strategic national goals outlined in Vision 2040, spanning multiple sectors. A central pillar of this collaboration is improving the investment climate to foster private sector-led growth. To that end, the World Bank has worked closely with Omani authorities to introduce global best practices in business environment reform, adapted to local needs. These efforts are producing results: foreign direct investment is on the rise, and the regulatory framework has improved. A notable milestone is the 2020 Foreign Capital Investment Law, which eliminated minimum capital requirements and opened numerous sectors to full foreign ownership. In parallel, the World Bank Group's private sector arm—the International Finance Corporation (IFC)—has expanded its engagement in Oman by promoting sustainable finance and supporting private sector development. The Multilateral Investment Guarantee Agency (MIGA), another World Bank Group institution, played a key role in mobilizing $1.2 billion in commercial financing for infrastructure projects in the Duqm Special Economic Zone—a lynchpin in Oman's logistics and industrial diversification strategy. The partnership also extends to human capital development, a core objective of Vision 2040. The World Bank has supported education reform, helping Oman align its curriculum with future labor market demands. Investments in STEM education, vocational training, and research are aimed at boosting Oman's global education rankings, with goals to reach the top 20 by 2030 and top 10 by 2040. Sustainable development is another area of impactful collaboration. In the fisheries sector, the World Bank has helped craft a national strategy to modernize the industry from traditional fishing to a high-tech, export-driven model. This transformation is already delivering results, with the sector growing by 7.5 per cent in the first three quarters of 2024 and targeting 10 per cent annual growth, significantly contributing to Oman's non-oil GDP. The World Bank is also supporting Oman's efforts to build an entrepreneurial ecosystem that empowers youth. Initiatives such as innovation hubs, startup incubators, and public-private partnerships are helping unlock the potential of the nation's young population—64 per cent of whom are under 30. Targeted support for tech startups and workforce reforms are seen as vital steps toward leveraging this demographic advantage. Looking ahead, the road to 2040 presents both opportunities and challenges. The authors emphasize that realizing Vision 2040 will require sustained commitment, adaptability, and continued engagement with international partners. Oman's journey can serve as a model for other nations seeking to navigate uncertainty while pursuing economic diversification, sustainability, and global integration, the authors stressed. 2022 © All right reserved for Oman Establishment for Press, Publication and Advertising (OEPPA) Provided by SyndiGate Media Inc. (
Observer
3 days ago
- Business
- Observer
World Bank support focused on enhancing Oman's investment climate
MUSCAT: The World Bank's contribution to advancing Oman's ambitious Vision 2040—a long-term strategy for economic diversification, sustainability, and global integration—has been spotlighted in a recent article on the official blogging platform of the World Bank Group. Titled 'Oman Vision 2040: A Blueprint for Sustainable Growth and Global Integration,' the article is co-authored by Dr Khamis bin Saif Al Jabri, Chairman of the Oman Vision 2040 Implementation Follow-up Unit, and Ousmane Dione, Vice President for the Middle East and North Africa at the World Bank. According to the article, a decades-long partnership between Oman and the World Bank has made the institution a key ally in supporting the country's shift from an oil-reliant economy to a knowledge-based, globally competitive nation. The Bank's support aligns with strategic national goals outlined in Vision 2040, spanning multiple sectors. A central pillar of this collaboration is improving the investment climate to foster private sector-led growth. To that end, the World Bank has worked closely with Omani authorities to introduce global best practices in business environment reform, adapted to local needs. These efforts are producing results: foreign direct investment is on the rise, and the regulatory framework has improved. A notable milestone is the 2020 Foreign Capital Investment Law, which eliminated minimum capital requirements and opened numerous sectors to full foreign ownership. In parallel, the World Bank Group's private sector arm—the International Finance Corporation (IFC)—has expanded its engagement in Oman by promoting sustainable finance and supporting private sector development. The Multilateral Investment Guarantee Agency (MIGA), another World Bank Group institution, played a key role in mobilizing $1.2 billion in commercial financing for infrastructure projects in the Duqm Special Economic Zone—a lynchpin in Oman's logistics and industrial diversification strategy. The partnership also extends to human capital development, a core objective of Vision 2040. The World Bank has supported education reform, helping Oman align its curriculum with future labor market demands. Investments in STEM education, vocational training, and research are aimed at boosting Oman's global education rankings, with goals to reach the top 20 by 2030 and top 10 by 2040. Sustainable development is another area of impactful collaboration. In the fisheries sector, the World Bank has helped craft a national strategy to modernize the industry from traditional fishing to a high-tech, export-driven model. This transformation is already delivering results, with the sector growing by 7.5 per cent in the first three quarters of 2024 and targeting 10 per cent annual growth, significantly contributing to Oman's non-oil GDP. The World Bank is also supporting Oman's efforts to build an entrepreneurial ecosystem that empowers youth. Initiatives such as innovation hubs, startup incubators, and public-private partnerships are helping unlock the potential of the nation's young population—64 per cent of whom are under 30. Targeted support for tech startups and workforce reforms are seen as vital steps toward leveraging this demographic advantage. Looking ahead, the road to 2040 presents both opportunities and challenges. The authors emphasize that realizing Vision 2040 will require sustained commitment, adaptability, and continued engagement with international partners. Oman's journey can serve as a model for other nations seeking to navigate uncertainty while pursuing economic diversification, sustainability, and global integration, the authors stressed.
Iraqi News
28-04-2025
- Business
- Iraqi News
Iraq reviews projects financed by World Bank
Baghdad ( – An Iraqi delegation headed by Finance Minister Taif Sami and the World Bank's Vice President for the Middle East and North Africa (MENA) region, Ousmane Dione, recently discussed projects funded by the financial institution, particularly the railway project in Iraq. The two sides met on the sidelines of their participation in the 2025 Spring Meetings of the World Bank and the International Monetary Fund (IMF) taking place from April 21 to 26, according to a statement cited by the Iraqi News Agency (INA). The two sides committed to evaluating how these projects are being carried out, spotting any problems, and coming up with solutions to guarantee that they were finished on schedule. The meeting addressed the government's top objectives for upcoming projects that the World Bank may fund, including waste management, renewable energy, and transportation projects, especially those involving the metro, airports, and railroads. Sami and Dione talked about Iraq's human development, which will be included in the World Bank's plans to provide funding and start new initiatives in the fields of social protection, employment, health, and education.
Zawya
28-04-2025
- Business
- Zawya
Jordan, World Bank sign 3 agreements worth $850mln to support growth, social protection
AMMAN — Jordan and the World Bank on Friday signed three new project agreements worth $850 million on the sidelines of the 2025 Spring Meetings of the World Bank Group and the International Monetary Fund. The agreements aim to support private sector-led economic growth, boost the social protection system, and expand opportunities for innovation. The signing ceremony was attended by Minister of Planning and International Cooperation Zeina Toukan, World Bank Vice President for the Middle East and North Africa Ousmane Dione, and World Bank Regional Director for the Middle East Department Jean-Christophe Carret. Both sides reiterated the 'deep' partnership between Jordan and the World Bank, stressing their commitment to achieving tangible and inclusive results. The three projects signed mark a 'pivotal milestone' in Jordan's reform agenda as they seek to expand social protection coverage, improve the delivery of digital services, support start-ups, enhance early-stage financing, stimulate private sector-driven growth, and contribute to job creation. Earlier, on April 8, the World Bank Group announced $1.1 billion in new financing to support Jordan's efforts to achieve the objectives of its Economic Modernisation Vision and build greater resilience on social and economic fronts in the face of ongoing shocks and crises. The investments include initiatives aimed at improving citizens' living conditions by advancing reforms that promote inclusive growth and job creation, supporting startups and small and medium-sized enterprises, expanding social assistance programmes, and fostering a more sustainable future in the energy sector to stimulate economic activity across the country. The Development Policy Financing for Growth and Competitiveness Programme, valued at $400 million, will support the government's initiatives to unlock investment opportunities, boost exports, and create more economic prospects, particularly for youth and women. The second phase of the Jordanian Innovation Start-ups Fund (ISSF 2.0), worth $50 million, will focus on scaling up early-stage direct investments and encouraging private investment in high-growth start-ups within key sectors. Meanwhile, the Resilient and Sustainable Social Protection Programme, with $400 million in funding, aims to boost Jordan's capacity to respond to shocks while improving the support provided to the most vulnerable groups in society. © Copyright The Jordan Times. All rights reserved. Provided by SyndiGate Media Inc. (
Jordan Times
27-04-2025
- Business
- Jordan Times
Jordan, World Bank sign 3 agreements worth $850m to support growth, social protection
Jordan and the World Bank on Friday sign three new project agreements worth $850 million on the sidelines of the 2025 Spring Meetings of the World Bank Group and the International Monetary Fund (Photo courtesy of World Bank) AMMAN — Jordan and the World Bank on Friday signed three new project agreements worth $850 million on the sidelines of the 2025 Spring Meetings of the World Bank Group and the International Monetary Fund. The agreements aim to support private sector-led economic growth, boost the social protection system, and expand opportunities for innovation. The signing ceremony was attended by Minister of Planning and International Cooperation Zeina Toukan, World Bank Vice President for the Middle East and North Africa Ousmane Dione, and World Bank Regional Director for the Middle East Department Jean-Christophe Carret. Both sides reiterated the 'deep' partnership between Jordan and the World Bank, stressing their commitment to achieving tangible and inclusive results. The three projects signed mark a 'pivotal milestone' in Jordan's reform agenda as they seek to expand social protection coverage, improve the delivery of digital services, support start-ups, enhance early-stage financing, stimulate private sector-driven growth, and contribute to job creation. Earlier, on April 8, the World Bank Group announced $1.1 billion in new financing to support Jordan's efforts to achieve the objectives of its Economic Modernisation Vision and build greater resilience on social and economic fronts in the face of ongoing shocks and crises. The investments include initiatives aimed at improving citizens' living conditions by advancing reforms that promote inclusive growth and job creation, supporting startups and small and medium-sized enterprises, expanding social assistance programmes, and fostering a more sustainable future in the energy sector to stimulate economic activity across the country. The Development Policy Financing for Growth and Competitiveness Programme, valued at $400 million, will support the government's initiatives to unlock investment opportunities, boost exports, and create more economic prospects, particularly for youth and women. The second phase of the Jordanian Innovation Start-ups Fund (ISSF 2.0), worth $50 million, will focus on scaling up early-stage direct investments and encouraging private investment in high-growth start-ups within key sectors. Meanwhile, the Resilient and Sustainable Social Protection Programme, with $400 million in funding, aims to boost Jordan's capacity to respond to shocks while improving the support provided to the most vulnerable groups in society.
