World Bank Group to open office in Muscat

16/10/2025 02:02 AST

The Government of the Sultanate of Oman has signed an agreement with the World Bank Group (WBG) to open a representative office in Muscat. The new office will serve as a base for the group's affiliated organisations, including the International Bank for Reconstruction and Development, the International Development Association, the International Finance Corporation (IFC), and the Multilateral Investment Guarantee Agency.

The agreement was signed by H E Sultan bin Salem al Habsi, Minister of Finance, and Ajay Banga, President of the World Bank Group.

According to an official statement, the establishment of the office reflects the World Bank Group's confidence in Oman's economy and policies and highlights the country's growing role as a regional hub for international cooperation and investment partnerships.

The new office is expected to strengthen collaboration between Oman and the WBG, providing technical and advisory support to both public and private sectors. It will also facilitate knowledge transfer, capacity building for Omani professionals, and monitoring of private sector projects financed by the WBG's institutions.

Officials said the move will help attract foreign investment, encourage greater private sector participation in national development projects, and enhance the competitiveness of local companies seeking international expansion.

In 2025, several agreements were signed between IFC and Omani private sector entities to finance projects and expand funding portfolios for small and medium-sized enterprises (SMEs). The WBG has also organised training programmes aimed at equipping Omani professionals with expertise in finance, economics, and statistics, and promoting knowledge exchange through international best practices and technical consultations.

In July, the WBG appointed Wendy Werner as its first Country Manager in Oman. 'This underscores the World Bank Group's commitment to its partnership with Oman and support for Vision 2040,' the WBG said in a statement. 'A new office in Muscat will deepen our engagement in response to development challenges and national priorities with speed, efficiency, and impact.'

Oman joined the World Bank Group in 1971, seeking to benefit from its technical assistance, advisory services, and global expertise in development finance.

ONA