Finance World Bank loans Oman $310m for economic diversification By Saleh Al-Shaibany April 21, 2025, 6:50 AM IFC The IFC said it agreed the loans to Oman 'to bolster the country’s sustainable finance market and empower the private sector' Jobs will be created Renewable energy backed Investments in tourism and logistics Loans totalling $310 million to support Oman’s economic diversification plans have been agreed by the International Finance Corporation (IFC), a part of the World Bank Group that seeks to encourage private sector development in less developed markets. The loans, arranged by the Omani Ministry of Finance, are to support three Omani companies, with a particular focus on renewable energy. Oil currently accounts for about 55 percent of the Omani economy. Creating jobs for about 25,000 Omani entrants to the workforce each year is a priority for the government. “This IFC initiative to help local manufacturing companies will certainly help create jobs in Oman,” Said Al Kathiry, director of Muscat Manpower Agency, told AGBI. The IFC offers investment, advisory and asset management services. Oman’s infrastructure push is vital for economic turnaround Oman’s foreign trade up thanks to oil and gas Oman targets $1.9bn to plug 2025 budget deficit The first loan recipient is the local publicly listed National Finance Company, which in turn will finance renewable energy and water projects. This loan will mark the IFC’s first investment in Oman’s non-bank financial sector in nearly two decades, it said. The second recipient is the state-run Future Fund Oman (FFO). The loan will support investments in clean energy, tourism, logistics and agricultural projects. FFO was launched last year by the state’s Oman Investment Authority. It funds local companies that make non-oil products, and has a budget of around $5 billion. The third recipient is United Solar Polysilicon (USP), which operates greenfield projects mainly in renewable energy. “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 IFC said on its website. The IFC did not break down the loan amount by recipient. Register now: It’s easy and free AGBI registered members can access even more of our unique analysis and perspective on business and economics in the Middle East. Why sign uP Exclusive weekly email from our editor-in-chief Personalised weekly emails for your preferred industry sectors Read and download our insight packed white papers Access to our mobile app Prioritised access to live events Register for free Already registered? Sign in I’ll register later
