On Wednesday, Oman announced its sustainable finance framework with the aim of reducing reliance on fossil fuels and attracting environmental, social and governance (ESG) investors to the Gulf state.
This is reportedly the first from a GCC country.
Under the framework, the Ministry of Finance (MOF) shared that it will issue financial instruments such as green, social and sustainability bonds, loans and sukuk.
The proceeds generated from these instruments will be spread across 14 green and social “use of proceeds” categories.
The framework has reportedly been in the works since 2021, and has obtained the SQS2-Very Good rating by the Second Party Opinion, Moody’s Investor Service.