The World Bank’s International Finance Corporation (IFC) announced today that it signed three landmark agreements in Oman on World Bank Group 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.
“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.
$120 million loan to enhance access to sustainable finance
The IFC signed an agreement to invest 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.
IFC, Future Fund Oman to support non-oil investments
The IFC also signed an agreement with the 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.
$1.6 billion greenfield polysilicon plant in Sohar
Finally, the IFC signed 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.
“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,” added Ahmed.
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Agreements advance Oman’s Vision 2040 plan
The new IFC 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.
The World Bank Group 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.
