Muscat: The 48th Annual Meeting of the Association of Development Financing Institutions in Asia and the Pacific (ADFIAP) took place today in Muscat. The event, hosted by the Sultanate of Oman and represented by the Development Bank, spanned from 23 to 25 April 2025 and focused on topics such as community economic empowerment, development impact in Oman, and entrepreneurship ecosystems.
According to Oman News Agency, the inaugural event was held under the auspices of Eng. Said Hamoud Al Maawali, Minister of Transport, Communications and Information Technology, and carried the theme 'Economic Gardening and Development Impact'. The meeting emphasized the critical role of development finance in driving national economic growth, bringing together approximately 300 participants from 40 countries, including policymakers, experts, and stakeholders in finance and development.
Mahmood Abdullah Al Aweini, Chairman of the Development Bank, expressed pride in hosting the meeting and praised ADFIAP's role in national and regional development. He noted that the theme of economic gardening aligns closely with Oman Vision 2040, which serves as a roadmap for sustainable growth and innovation. Al Aweini reaffirmed Oman's commitment to achieving net-zero emissions by 2050 and highlighted the establishment of the Oman Sustainability Centre for Renewable Energy Projects.
Hussein Ali Al Lawati, CEO of the Development Bank, discussed the evolving role of development finance institutions, emphasizing their position at the intersection of public policy and entrepreneurship. He explained that economic gardening reflects a shift towards nurturing local potential and investing in human, knowledge, and community capital, which supports small and medium-sized enterprises (SMEs) during their growth phases.
The meeting featured sessions on topics such as green banking initiatives, sustainable lending practices, and climate resilience strategies. Dr. Kao Thach, Chairman of the ADFIAP, noted the timeliness of this year's theme and encouraged a reimagining of development rooted in local strength and grassroots growth. He emphasized the importance of nurturing local entrepreneurs and investing in community ecosystems.
Hamad Salim Al Harthy, Chief MSME and Portfolio Management at DB and General Supervisor of the Meeting, highlighted the event's role in promoting sustainable economic growth through idea exchange and successful practices. He noted that hosting the ADFIAP meetings demonstrates Oman's growing role in development finance and SME support, aligned with the strategic priorities of Oman Vision 2040.
Between 2020 and 2024, the Development Bank approved 28,901 loans with a cumulative value of RO 533.9 million. The industrial sector received the largest share, followed by the fisheries, professional and public services, and tourism sectors. The approvals spanned all governorates, reflecting balanced regional development, with significant contributions to Muscat, South Al Sharqiyah, and North Al Batinah.