Latest news with #WorldBankGroupDay
Observer
15-04-2025
- Business
- Observer
Global financial cooperation boosts Oman's creditworthiness
MUSCAT: Recent developments in Oman's economic landscape are reinforcing international confidence in the country's creditworthiness, with credit rating agencies acknowledging the progress made in fiscal reform, governance, and financial resilience. Speaking to the Observer on the sidelines of the World Bank Group Day held here on April 14, 2025, Mahmood al Aweini, Secretary-General of the Ministry of Finance, highlighted the growing importance of international financial cooperation in shaping Oman's economic reputation. 'Certainly, having access to finance from international organisations is not easy, and hence it enhances the confidence of credit rating agencies in Oman's sustainable funds,' said Al Aweini. 'The reports issued by the IMF and World Bank on Oman's strengths and progress in the financial sector are critical for these agencies. Through this cooperation, we aim to upgrade our standards to align with international benchmarks and be positively recognised in future credit assessments.' Earlier this month, Standard & Poor's Global Ratings (S&P) reaffirmed Oman's long-term sovereign credit rating at 'BBB-' with a Stable Outlook. The agency cited the Sultanate's favourable investment environment, ongoing fiscal reforms, and commitment to financial sustainability as key factors behind the decision. S&P noted the government's prudent fiscal management, efforts to reduce budget deficits, and structural reforms as significant contributors to the rating. The agency also acknowledged progress in reducing public debt and improving governance frameworks within state-owned enterprises, both of which play a crucial role in Oman's broader economic performance. Looking ahead, S&P forecasts real GDP growth of 2 per cent over the period 2025–2028, supported by diversification efforts and continued investment in both oil and non-oil sectors. It also projects a 1.5 per cent surplus in the State's general budget, driven by healthy revenues and disciplined spending. The agency further indicated that Oman's credit rating could improve over the next two years, should the government continue implementing its fiscal and structural reform agenda. Key areas of focus include increasing non-oil revenues, enhancing expenditure efficiency, and maintaining economic momentum in line with Oman Vision 2040. As Oman accelerates its economic transformation, the alignment with international financial institutions and standards is seen as a strategic lever to attract more global investment and reinforce long-term economic stability. The renewed confidence from credit rating agencies signals growing international recognition of the country's resilience and reform-driven outlook.
Zawya
15-04-2025
- Business
- Zawya
IFC signs 3 agreements to support Oman's green economy goals
Muscat – T he International Finance Corporation (IFC), a member of the World Bank Group, on Monday signed three partnership agreements with Omani entities to support sustainable investment opportunities in the sultanate. These agreements aim to strengthen sustainable finance in Oman and promote private sector growth by creating jobs and driving economic diversification. The agreements were signed on the sidelines of World Bank Group Day, hosted by Oman's Ministry of Finance. The event brought together representatives from the World Bank Group, IFC, and the Multilateral Investment Guarantee Agency (MIGA), as well as officials from the public and private sectors. The opening ceremony was held under the auspices of H E Sultan Salim al Habsi, Minister of Finance. The gathering formed part of ongoing efforts to boost growth in Oman's public and private sectors. The Ministry of Finance plays a pivotal role in supporting these efforts by cultivating a sustainable investment and development environment that aligns with the objectives of Oman Vision 2040. 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 to enhance non-oil revenue streams. The second agreement, signed between the IFC and National Finance Company, provides a total of $120mn to support sustainable projects in Oman, including initiatives in clean transportation, renewable energy, and energy and water efficiency for both individuals and SMEs. In addition, the IFC signed a cooperation agreement with United Solar Polysilicon (USP) to support the development of a $1.6bn greenfield polysilicon plant in Sohar, with a planned capacity of 100,000 tonnes per annum. This project aims to diversify and expand global supply chains in the solar energy sector, making it one of the largest polysilicon production facilities outside East Asia. The event also featured two workshops. The first focused on strategies to strengthen the private sector's role in the national economy, highlighting its importance in achieving sustainable development in Oman. The second workshop showcased the IFC's role in supporting the private sector through financing and technical advisory services. These efforts contribute to the national objectives outlined in Oman Vision 2040, particularly those related to sustainable growth. In his address, Mahmoud Abdullah al Awaini, Secretary General of the Ministry of Finance, affirmed that the event reflects a broader commitment to promote sustainable economic development and unlock new growth opportunities for both the public and private sectors in Oman, leveraging strategic partnerships with the World Bank and the IFC. He added that the event marks a key milestone in ongoing dialogue with the IFC and the World Bank, ensuring that Omani companies can benefit from global expertise, a range of financial solutions, and strategic guidance. 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 reflect strong investor confidence in the country's economic potential.' He further noted that the signing of the three agreements is part of the IFC's broader efforts to strengthen its cooperation with Oman.
Zawya
15-04-2025
- Business
- Zawya
National Finance signs strategic partnership with International Finance Corporation
Muscat: Reaffirming its resolute commitment to the country's sustainable development goals, National Finance, the Sultanate of Oman's leading finance company, has entered a landmark partnership with the International Finance Corporation (IFC), a member of the World Bank Group. This pivotal collaboration was formalized during a signing ceremony held on the World Bank Group Day in Muscat, Oman, marking the successful finalization of key agreements between the two institutions. This partnership underscores National Finance's growing role in driving the transition towards a greener economy, aligning with Oman Vision 2040. IFC's $120 million loan for sustainability projects will enable the company to expand its sustainable finance portfolio, with a focus on electric vehicle (EV) financing, green finance offerings, renewable energy projects. By embedding sustainability across its operations, National Finance continues to play a vital role in supporting the nation's broader environmental agenda, delivering impactful financial solutions that contribute to a low-carbon future. Speaking on the occasion, Mr. Tariq Sulaiman Al Farsi, Chief Executive Officer at National Finance said, 'This partnership with IFC is both a recognition and reinforcement of our sustainability journey. By joining forces with a world-renowned institution, we are accelerating the implementation of our green finance initiatives and creating long-term value for our stakeholders and the communities we serve. It is a significant step in our mission to foster sustainable economic progress in the Sultanate of Oman.' With this investment, IFC, as the largest global development institution focused on the private sector in emerging markets, aims to share its capital, expertise, and influence to advance sustainable finance in Oman. Momina Aijazuddin, IFC's Regional Head of Industry, added, "Small and medium enterprises may be modest in size, but their impact is profound. They are every economy's growth engine. With this in mind, this $120 million investment represents a significant milestone for Oman—our first in the country's non-bank financial sector in nearly two decades. Beyond enhancing the resilience of the financial market, this transaction aims to advance sustainability by empowering businesses to spearhead climate-related projects from the ground up." The partnership also validates National Finance's sustainability framework, which is geared towards contributing to sustainable economic growth, strengthening communities, and reducing environmental impact. These goals are driven through four strategic pillars—Environment, Social, Operations, and Governance—underpinned by initiatives such as the Green Campus Programme, and the introduction of green auto finance for EVs as well as solar energy and paper recycling bins. Further reinforcing its ESG architecture, National Finance has also established a dedicated Environmental and Social Management System (ESMS), which introduces a standardized procedure for ESG due diligence across all projects. The effective delivery of this strategy is supported by critical success factors, including robust policies, continuous capacity building, and proactive stakeholder engagement. Complementing these are efficient systems for ESG performance tracking and a strong focus on governance, accountability, and leadership to embed sustainability into every level of decision-making. Ensuring alignment across the organization is National Finance's cross-functional Sustainability Taskforce, which is overlooked by the Head of Sustainability and reports to the CEO. The Head, accountable for ESG matters, reports directly to the CEO, who, in turn, ensures Board-level oversight of all sustainability initiatives. This structure facilitates the seamless integration of ESG practices across departments. As the nation accelerates its pursuit of climate goals and economic diversification, National Finance's alliance with IFC embodies a forward-looking strategy—leveraging global expertise to deliver resilient financial solutions that meet evolving market needs and address critical environmental imperatives.
Muscat Daily
14-04-2025
- Business
- Muscat Daily
IFC signs 3 agreements to support sultanate's green economy goals
Muscat – The International Finance Corporation (IFC), a member of the World Bank Group, on Monday signed three partnership agreements with Omani entities to support sustainable investment opportunities in the sultanate. These agreements aim to strengthen sustainable finance in Oman and promote private sector growth by creating jobs and driving economic diversification. The agreements were signed on the sidelines of World Bank Group Day , hosted by Oman's Ministry of Finance. The event brought together representatives from the World Bank Group, IFC, and the Multilateral Investment Guarantee Agency (MIGA), as well as officials from the public and private sectors. The opening ceremony was held under the auspices of H E Sultan Salim al Habsi, Minister of Finance. The gathering formed part of ongoing efforts to boost growth in Oman's public and private sectors. The Ministry of Finance plays a pivotal role in supporting these efforts by cultivating a sustainable investment and development environment that aligns with the objectives of Oman Vision 2040. 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 to enhance non-oil revenue streams. The second agreement, signed between the IFC and National Finance Company, provides a total of $120mn to support sustainable projects in Oman, including initiatives in clean transportation, renewable energy, and energy and water efficiency for both individuals and SMEs. In addition, the IFC signed a cooperation agreement with United Solar Polysilicon (USP) to support the development of a $1.6bn greenfield polysilicon plant in Sohar, with a planned capacity of 100,000 tonnes per annum. This project aims to diversify and expand global supply chains in the solar energy sector, making it one of the largest polysilicon production facilities outside East Asia. The event also featured two workshops. The first focused on strategies to strengthen the private sector's role in the national economy, highlighting its importance in achieving sustainable development in Oman. The second workshop showcased the IFC's role in supporting the private sector through financing and technical advisory services. These efforts contribute to the national objectives outlined in Oman Vision 2040, particularly those related to sustainable growth. In his address, Mahmoud Abdullah al Awaini, Secretary General of the Ministry of Finance, affirmed that the event reflects a broader commitment to promote sustainable economic development and unlock new growth opportunities for both the public and private sectors in Oman, leveraging strategic partnerships with the World Bank and the IFC. He added that the event marks a key milestone in ongoing dialogue with the IFC and the World Bank, ensuring that Omani companies can benefit from global expertise, a range of financial solutions, and strategic guidance. 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 reflect strong investor confidence in the country's economic potential.' He further noted that the signing of the three agreements is part of the IFC's broader efforts to strengthen its cooperation with Oman.
Trade Arabia
14-04-2025
- Business
- Trade Arabia
National Finance signs partnership with IFC to advance sustainable finance
National Finance, a leading finance company in Oman, has entered a partnership with the International Finance Corporation (IFC), a member of the World Bank Group, to advance sustainable finance in Oman. This collaboration was formalised during a signing ceremony held on the World Bank Group Day in Muscat, Oman, marking the successful finalisation of key agreements between the two institutions. The partnership underscores National Finance's growing role in driving the transition towards a greener economy, aligning with Oman Vision 2040. IFC's $120 million loan for sustainability projects will enable the company to expand its sustainable finance portfolio, with a focus on electric vehicle (EV) financing, green finance offerings, renewable energy projects. By embedding sustainability across its operations, National Finance continues to play a vital role in supporting the nation's broader environmental agenda, delivering impactful financial solutions that contribute to a low-carbon future, the company said. Tariq Sulaiman Al Farsi, Chief Executive Officer at National Finance, said: 'This partnership with IFC is both a recognition and reinforcement of our sustainability journey. By joining forces with a world-renowned institution, we are accelerating the implementation of our green finance initiatives and creating long-term value for our stakeholders and the communities we serve. It is a significant step in our mission to foster sustainable economic progress in the Sultanate of Oman.' With this investment, IFC aims to share its capital, expertise, and influence to advance sustainable finance in Oman.
