Agreement Inked to Establish World Bank Group Office in Oman

Muscat: The Government of the Sultanate of Oman signed an agreement with the World Bank Group to establish an office for the Group in Oman. This office will represent its affiliated organizations, including the International Bank for Reconstruction and Development (IBRD), the International Development Association (IDA), the International Finance Corporation (IFC), and the Multilateral Investment Guarantee Agency (MIGA). According to Oman News Agency, the agreement was signed by Sultan Salim Al Habsi, Minister of Finance, and on behalf of the World Bank Group by Ajay Banga, President of the World Bank Group. The establishment of the office comes within the framework of enhancing Oman's regional standing as a hub for international cooperation and partnerships. It reflects the global financial and investment community's confidence in its economy and policies, in addition to the office's role in providing technical and advisory services to both the public and private sectors. Furthermore, the establishment of t he office will contribute to knowledge transfer and building the capacities of national cadres, as well as following up on the implementation of private sector projects funded by the World Bank Group's affiliated institutions. It will also support strategic projects, stimulate foreign investment, encourage private sector participation in development projects, and foster the growth of local companies for external expansion. Throughout 2025, a number of agreements were signed between private sector companies and the International Finance Corporation (IFC), a member of the World Bank Group, to finance several private sector projects, alongside enhancing financial portfolios to support financing for small and medium enterprises (SMEs). The World Bank Group has also provided numerous training programs within the framework of knowledge transfer and experience exchange, aimed at qualifying national cadres by equipping them with technical skills and knowledge in financial, monetary, economic, and statistical fields . These initiatives facilitate exposure to international experiences and the transfer of best practices, in addition to a range of technical consultations related to various areas, including investment and improving the business environment. It is worth mentioning that the Sultanate of Oman joined the World Bank Group in 1971 with the aim of benefiting from its technical and advisory services.