IFC, a member of the World Bank Group, announced on Monday that it has signed an agreement with Oman-based United Solar Polysilicon (USP) to support the ongoing development of a $1.6 billion greenfield polysilicon plant in Sohar Port and Freezone.

The plant will have a capacity of 100,000 tonnes per annum, IFC said in a press statement.

In October 2024, the project had received an investment of $156 million from Future Fund Oman (FFO), an investment vehicle under sovereign wealth fund Oman Investment Authority (OIA), according to a report by local English language newspaper Oman Daily Observer. The report said the project had advanced to the installation phase.  The foundation stone for the project was laid in March 2024.

IFC also announced a sustainable loan of up to $120 million for Oman's National Finance Company (NFC) enhance access to sustainable finance for NFC’s retail and small and medium enterprise (SME) clients, supporting projects in clean transport, renewable energy, and energy and water efficiency. It also signed an agreement with FFO to support sustainable, non-oil investments 

(Writing by SA Kader; Editing by Anoop Menon)

(anoop.menon@lseg.com)

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