Latest news with #WorldBankGroup
Qatar Tribune
5 hours ago
- Business
- Qatar Tribune
Qatar, Saudi Arabia announce joint financial support for public sector of Syria
DOHA: As part of their ongoing commitment to advancing Syria's economic recovery and following their earlier contribution of approximately $15 million to settle Syria's arrears with the World Bank Group, the State of Qatar and the Kingdom of Saudi Arabia have announced joint financial support for public sector employees of the Syrian Arab Republic, delivered over three months. This support comes as part of the two nations' commitment to fostering stability in the Syrian Arab Republic, alleviating humanitarian suffering, and advancing the interests of the Syrian people. It reflects the deep-rooted bonds and longstanding historical ties that unite the people of the three countries, according to a joint statement by Qatar and Saudi Arabia. The State of Qatar and the Kingdom of Saudi Arabia affirm that this support reflects their commitment to advancing development efforts, strengthening economic and social stability in Syria, and contributing to the improvement of living conditions for the Syrian people. They also expressed their aspiration to coordinate efforts with the international community, especially with development partners from regional and international organisations, within a clear and comprehensive vision that promotes effective, sustainable support, and enhances development opportunities for the Syrian people.
Observer
12 hours ago
- Business
- Observer
Oman Vision 2040 is a blueprint for sustainable growth: World Bank
From digital corridors to investment pipelines, Oman Vision 2040 is transforming the present for a stronger future, and symbolizes yet another chapter of strategic evolution that has characterized the country from prehistoric Majan to modern Oman, said the World Bank in its blogs. "Developed through extensive consultations with citizens, Vision 2040 enshrines a diversified and resilient economy less reliant on oil while fostering a globally integrated and prosperous society. What began under the leadership of the late Sultan Qaboos bin Said, with the careful planning of His Majesty Sultan Haitham bin Tarik, is a roadmap charting how Oman can adapt to changing economic conditions, shifting culture, and disrupting technology to steer Oman toward economic diversification, sustainability, and global competitiveness. Oman's steady progress under Vision 2040 offers a model for other emerging economies navigating uncertainty through long-term planning. It further guides Oman's increased global engagement and partnership with organizations like the World Bank Group," the blog said. Oman and the World Bank Group have enjoyed an active partnership for decades. This has led to working together on a range of areas aligned to Vision 2040, from national development plans and budget system modernization to transport and fisheries. A key focus right now is strengthening the investment climate to support private sector-led growth and job creation. The World Bank is bringing global knowledge and advice on best practices in business environment reforms tailored to the Omani context. IFC, the Bank Group's private sector arm, recently announced new investments to bolster the country's sustainable finance market and empower the private sector. MIGA, home of the World Bank Group Guarantee Platform, secured $1.2 billion in commercial financing of the infrastructure works for the Duqm Special Economic Zone. Central to Oman Vision 2040 is the imperative of economic diversification and building a knowledge, technology-driven economy. In practice, this means investing in digital infrastructure, encouraging R&D, and nurturing new industries. Major regulatory reforms have been rolled out to catalyze private-sector growth and foreign investment. For example, a new Foreign Capital Investment Law took effect in 2020, removing minimum capital requirements and allowing 100% foreign ownership in many sectors. Attracting foreign direct investment and strengthening the private sector are key components of the Vision, and these reforms unlock those opportunities. Oman is also leveraging its strategic geography to become a logistics and trade hub. Positioned outside the Strait of Hormuz on major global trade routes, it has prioritized modernizing ports, free zones, and airports. The development of Duqm – a vast special economic zone with a deep-sea port – and upgrades at Salalah and Sohar ports exemplify this push. Such investments aim to streamline the flow of goods and make Oman a vital link in global supply chains. Already, early results of the economic transformation are visible: non-oil sectors like construction, manufacturing, and transport are growing quickly. Maintaining this momentum will require sustained reform, and Oman's multi-pronged approach – from startup incubators to industrial free zones – is steadily transforming the economy. Sustainable development is an overarching principle, and Oman's fisheries sector is a standout success story for this agenda. Fisheries have evolved from a traditional, artisanal industry into a technology-enabled sector that contributes to diversification. The government, with World Bank support, crafted a Fisheries and Aquaculture Vision to create a profitable world-class sector that is ecologically sustainable and a net contributor to Oman's economy. The innovation shown in the Omani sustainable fisheries sector is yielding impressive results. The sector is expanding at near double-digit rates, with a recorded 7.5 percent sectoral growth in the first three quarters of 2024. This progress reinforces the country's ambition for economic diversification by setting a high bar, with the sector aiming to reach 10 percent annual growth and contribute 2 percent to the national GDP. Developing human capital is another key element of Oman's vision. A skilled, educated populace is the bedrock of competitiveness. Educational reforms are underway to align curricula with future labor market needs and improve quality at all levels. Oman's ambition includes ranking among the top 20 countries in global education indices by 2030, and top 10 by 2040. Investments in schools and universities over the past decades have dramatically expanded access. Now the focus is on boosting outcomes in science, technology, engineering, and math to nurture a knowledge economy. Equally important, Oman is fostering a culture of research and entrepreneurship. Through its Ministry of Higher Education, Research, and Innovation, new programs are funding research and the commercialization of ideas. Innovation parks and incubators have been launched in partnership with the private sector to mentor startups and turn student projects into marketable products. Aspiring young entrepreneurs receive support via financing initiatives and training programs, often co-sponsored by government and industry. Public-private partnerships are helping build this innovation ecosystem – for example, technology companies are collaborating with Omani colleges on coding academies, and energy firms are investing in technical training centers. These efforts are bearing fruit: a burgeoning startup scene is evident in Muscat, and the number of Omani tech SMEs is on the rise. In parallel, Oman has worked to make its labor market more flexible and dynamic, implementing new labor policies in 2023–24, adding more benefits for women, and encouraging private-sector hiring of Omanis. With 64% of the population under 30, all these measures aim to harness Oman's demographic dividend by equipping its youth with the skills and opportunities to innovate. To ensure the successful realization of Oman Vision 2040, a specialized entity—the Oman Vision 2040 Implementation Follow-up Unit—was established by Royal Decree 100/2020. Reporting directly to the Council of Ministers, the Unit plays a central role in monitoring the progress of the vision, facilitating coordination across sectors, addressing challenges, and providing strategic support to align efforts with the national vision. Looking forward to the next 15 years, there will be continued opportunities as well as challenges in realizing the vision. Successful implementation requires continued commitment, adaptability, and engagement with global partners. Oman's journey towards realizing its 2040 vision can serve as a valuable case study for other countries navigating uncertainties and striving for economic diversification, sustainability, and global integration.
Observer
2 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.
Zawya
3 days ago
- Business
- Zawya
MoF launches training programme to build the capacity of federal personnel in managing public-private partnerships
Graduates receive a certification endorsed by leading international financial institutions. Dubai: The Ministry of Finance (MoF) has launched a specialised training programme aimed at strengthening partnerships between federal entities and the private sector, as part of its ongoing efforts to boost government efficiency and enhance collaboration mechanisms. The programme involved 26 representatives from various federal entities. It seeks to equip national cadres with the skills needed to analyse and manage partnership projects in line with international best practices. Developed in partnership with an APMG International–accredited training institute, the programme concludes with awarding participants the Certified Public-Private Partnerships Professional (CP3P) credential, endorsed by major global financial institutions including the World Bank Group, Islamic Development Bank, Asian Development Bank, European Bank for Reconstruction and Development, and Inter-American Development Bank. Establishing a culture of effective partnership H.E. Saeed Rashid Al-Yateem, Assistant Under Secretary of the Resource and Budget Sector, emphasised that the ministry will spare no effort to develop qualified national talent capable of leading public-private partnership projects. 'We are committed to providing an advanced training environment that not only sharpens the skills of federal cadres but also enhances their understanding of partnership models,' he said. 'This programme represents another significant step toward establishing a culture of effective partnership and broadening collaboration with the private sector to advance the UAE's sustainable development goals.' Participants received comprehensive training covering the design, implementation, and management of partnership projects. The programme concluded with a professional examination, awarding certificates that reflect the federal government's commitment to high standards in workforce development and its role in driving economic growth aligned with the UAE's strategic vision.
Observer
6 days ago
- Business
- Observer
No development strategy can ignore the climate
After decades of industrialisation powered by fossil fuels, the costs of climate change are becoming ever more apparent in both the Global South and the Global North. In Germany, flooding in 2021 left 190 people dead, displaced 40,000, and caused $40 billion in damage. And in Brazil, the 2024 Rio Grande do Sul flood claimed 183 lives and displaced more than 600,000 people, and Amazon wildfires destroyed an area the size of New Jersey and wreaked havoc on the regional economy, destroying livestock and agriculture, and causing tourism to plummet. Even as US President Donald Trump has loudly proclaimed America's withdrawal from the Paris climate agreement (again), a silent revolution is taking place just about everywhere else. Most countries know that they cannot ignore climate change in pursuing their economic development agendas. They understand that climate policies boost investment in important industries such as energy and manufacturing, support the development of new technologies that enhance productive capacities, and improve job quality. They also understand that climate and development financing are not at odds with one another or moving on separate tracks; rather, they are closely aligned with goals of driving productivity growth and social development. This is certainly true for most countries served by the World Bank and its regional peers. These countries are demanding financing and expertise for 'climate-smart' investments. They want to develop renewable energy sources as part of a broader strategy to improve energy access, cut emissions, and reduce dependencies. And they are strengthening the resilience of their infrastructure to more frequent floods, droughts, and storms, ultimately saving far more than they would spend on disaster recovery. In response to these demands, the World Bank Group announced, in 2024, that it will raise its climate-finance target to 45 per cent of its total loan portfolio. At the United Nations Climate Conference in Baku (COP29) last November, multilateral development banks collectively committed to providing $120 billion in annual climate financing for low- and middle-income countries by 2030. To be sure, humankind has made real progress in slowing climate change over the past few decades. But now more than ever, partnerships between development banks and their clients are crucial to restore destroyed natural resources, and to develop new industries, standards, designs, and technologies to cope with a changing climate. For example, the International Finance Corporation, the private-sector arm of the World Bank Group, was instrumental in designing climate-friendly 'green' building standards. Now, buildings constructed according to these standards are cheaper to operate. Not only do they have lower energy and maintenance costs; they are more resilient to damage and tend to outperform in terms of property value. As the host of the next climate summit, COP30, the Brazilian government is implementing important structural reforms that recognise climate-change adaptation, mitigation, and biodiversity protection as essential drivers of productivity and growth. And in March, the World Bank, in close collaboration with the Inter-American Development Bank and the Asian Infrastructure Investment Bank, announced a $1 billion loan to support these efforts. Among other things, this project will establish Eco Invest Brazil, an initiative to offer currency hedging (protection against exchange-rate volatility) for green investments, thus creating the structural conditions for more private investment in the country's green transformation. Moreover, the project provides cash transfers to vulnerable families engaged in forest protection, thus combining climate action and social inclusion. Uruguay is another good example of a country that is aligning its economic and development policies with climate goals. The country's first sustainability-linked bond, issued in 2022, attracted 188 investors from around the world, far exceeding supply. In recognition of this success, the World Bank Group's Board of Directors approved an innovative $350 million loan that linked financing conditions to ambitious environmental targets, lending further momentum to the country's pursuit of a more sustainable economy built on robust, resilient growth. Meanwhile, the Philippines, one of the countries most vulnerable to natural disasters, has set the gold standard in disaster-risk financing with World Bank support. Facing frequent earthquakes and severe climate-related weather events, the Philippines has suffered billions in annual losses. So, to protect public finances and strengthen resilience, it developed a sophisticated risk-management strategy that includes innovative tools like Cat (catastrophe) bonds and parametric insurance (which pays according to the scale of the event, not the size of the loss). As extreme weather becomes more frequent, such preparedness is essential – not only for national stability but also to reduce reliance on international aid. Despite polarising political rhetoric, there is no going back. Developing countries will continue to grapple with persistent poverty and inequality, and the effects of climate change will only intensify. Since these challenges overlap and reinforce each other, they require integrated solutions. That is why most countries are no longer treating climate action as a separate agenda. They are embedding adaptation and mitigation within their development strategies and aligning economic growth, job creation, and social inclusion with environmental sustainability. This shift is well underway. It is driven not by ideology, but by necessity and pragmatic governance. @Project Syndicate, 2025 Marcos Vinicius Chiliatto The writer is World Bank Group Executive Director for Brazil, Colombia, the Dominican Republic, Ecuador, Haiti, Panama, the Philippines, Suriname and Trinidad and Tobago Michael Krake The writer is World Bank Group Executive Director for Germany
