The Sultanate of Oman is the first Gulf country to issue a sustainable sovereign financing framework
Muscat: Moody’s Investors Services today assigned ‘Very Good’ rating to the Sultanate of Oman’s “integrated framework for sovereign sustainable financing”, which was evaluated within the parameters of the global Sustainability Quality Score (SQS2). Oman emerged as the first GCC state to issue this type of framework.
The Ministry of Finance plays a key role in backing the government’s efforts to achieve the goals of Oman Vision 2040, which cover the targets of zero carbon neutrality (cutting down greenhouse gas emissions) by 2050. This is realized by aligning Oman’s financing strategy with sustainability efforts undertaken by the government.
The sovereign sustainable financing framework constitutes an important instrument in achieving national strategies for all financial, economic, environmental and social aspects of sustainability. It also achieves the United Nations Sustainable Development Goals (UN-SDGs), which are compatible with the international standards and principles of frameworks issued by the International Capital Markets Association (ICMA). In turn, it enables the Sultanate of Oman to meet its financial needs through sustainable financing methods.
The sovereign sustainable financing framework also seeks to establish a flexible structure that provides for the issuance of various sustainable financing debt instruments—in the form of loan agreements, bonds and instruments. This will help attract new specialized sustainable financing investors who contribute to projects that achieve environmental and social dimensions.
It is worth noting that the team operating within the Public Debt Management Unit at the Ministry of Finance took the lead in drafting the sovereign sustainable financing framework. The team joined hands with ministries and government departments to provide the required technical and general data needed for the realization of the environmental and social goals.
more recommended stories
National Finance Bolsters Youth Interests, Contributes to the Success of Oman Drag Race
Muscat: Demonstrating its resolute commitment to.
Changan Oman brings peace of mind this Ramadan with their exclusive offer on their premium model line-up
MUSCAT: Arabian Gulf Automobiles and Equipment.
Modern College of Business and Science celebrated 31st Graduation Ceremony
Muscat: Modern College of Business and.
Samail Industrial City signs investment pacts worth over RO 500k
Muscat: Samail Industrial City signs investment.
One arrested for hunting Arabian gazelle in Buraimi
Muscat: The Environment Authority in Buraimi.
APSR Media Meeting: Over 676,000 smart meters installed in power sector
APSR holds annual media meeting at.
Four arrested for theft from shops in Oman
Muscat: The Royal Oman Police (ROP),.
Three-day awareness campaign “HEMA Masirah,” begins: CPA
Muscat: The three-day awareness campaign, “HEMA.
Fire breaks out in commercial store in Khasab, no injuries: CDAA
Muscat: The Civil Defence and Ambulance.
Muscat Municipality awards tender to develop entrance leading to Oman Botanic Garden
Muscat Municipality awards project to develop.