OCCI Energy and Mining Committee discusses financing operations with CBO

Muscat: The Energy and Mining Committee of the Oman Chamber of Commerce and Industry (OCCI) held discussions with officials from the Central Bank of Oman (CBO) on a number of issues related to facilitating financing operations for the mining and manufacturing sectors. The meeting was chaired by Dr Abdullah bin Masoud Al Harthi, OCCI Board Member and Chairman of the Energy and Mining Committee, and from the CBO side by Rashid bin Zayed Al Ghassani, Acting Head of the Financial Stability and Banking Supervision Department, with the participation of several committee members.

The meeting comes within OCCI’s efforts to strengthen cooperation with relevant entities and to align efforts towards improving the business environment in support of productive sectors and enhancing their contribution to the national economy. The Committee continues to review the challenges facing the sector, presenting the views and proposals of investors, and discussing them with the concerned authorities with the aim of developing the investment environment in energy- and mining-based industries.

The discussions also highlighted the importance of strengthening the role of banks in supporting manufacturing projects, benefiting from international experiences in this field, and applying best practices to expand and diversify financing tools. Participants further reviewed the risk ratios in the mining sector and the extent to which they hinder project financing. The meeting underlined that facilitating financing operations is essential to boost investment in the sector, by designing flexible financing products that suit the nature of mining projects, as well as encouraging investment partnerships. Addressing these challenges, it was noted, would pave the way for the growth of manufacturing industries linked to mining, contributing to higher added value and increasing the sector’s contribution to the national economy.