IFC signs three agreements to support sustainability in Oman: Oman and the International Finance Corporation (IFC) — an arm of the World Bank Group (WB) — signed three agreements to support the nation’s sustainable finances market, as well as other green sectors, according to a press release issued on Monday. The agreements were signed during the WB’s Joint Meeting with Oman’s Finance Ministry.

Financing sustainable sectors: The IFC agreed to provide USD 120 mn in financing to support Oman’s National Finance Company’s (NFC) sustainable finance offerings. NFC will use the money to finance low-carbon and green mobility, renewable energy, and energy efficiency projects. The financing will also help the country adopt international best practices sustainability financing reporting and transparency.

Supporting polysilicon production: IFC signed an agreement with Oman’s United Solar Polysilicon to support the construction of its USD 1.6 bn polysilicon plant in Sohar, according to a press release from Monday. The plant would have a 100k ton annual polysilicon — a key material in solar panel manufacturing — production capacity. No details were available on the nature of the support — whether financial or technical.

REMEMBER- Riyadh-based international investment platform Ewpartners had invested USD tens of mns in the plant whose construction began in March 2024. The Oman Investment Authority’s investment vehicle Future Fund Oman (FFO) also pitched in USD 156 mn for the project in October.

One last thing: IFC also signed an agreement with FFO to support the Fund’s investments in several sectors, including green industries and clean energy.

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