Muscat: The 48th Annual Meeting of the Association of Development Financing Institutions in Asia and the Pacific (ADFIAP) will take place from April 23 to 25, 2025, at the Mandarin Oriental Muscat, hosted by the Sultanate of Oman and represented by the Development Bank (DB).
This meeting will focus on various topics, including community economic empowerment, the effects of development in Oman, the importance of the human element in fostering entrepreneurial communities, aligning financial resources with development objectives, and financing strategies aimed at building resilient and sustainable economies.
The event will be inaugurated under the patronage of Eng. Said bin Hamoud Al Maawali, the Minister of Transport, Communications, and Information Technology. This year's theme, "Economic Gardening and Development," emphasizes the significance of development financing in bolstering the national economy. Approximately 300 participants from over 40 countries are expected to attend, including a notable assembly of decision-makers, experts, and specialists in finance and development from both Oman and abroad.
The meeting will highlight initiatives related to green banking, sustainable lending practices, environmental risk management, and innovative green financing solutions. Additionally, it will delve into strategies for climate resilience, cutting-edge financial instruments, international collaboration for resilience building, and the crucial role of second-tier institutions in promoting local economic growth and sustainability.
The purpose of the meeting is to promote the sharing of knowledge and expertise among attendees regarding strategies to empower communities and foster sustainable economic development. It will also cover critical topics such as green finance and the role of financial institutions in tackling climate-related challenges, thereby enhancing economic resilience and advancing sustainable development goals.
Hamad bin Salim Al Harthy, Chief of MSME & Portfolio Management at DB and General Supervisor of the Meeting, underscored the significance of the event, stating that it plays a vital role in building effective partnerships, empowering communities, and achieving sustainable economic growth through the exchange of innovative ideas and successful practices.
He further mentioned that the meeting offers a valuable platform to address the challenges faced by financing institutions and explore solutions through international collaboration. He clarified that the organization of this meeting was made possible through prior coordination, as the bank actively participates in this global association.
Al Harthy pointed out that the association, established in 1976, consists of development financing institutions and development banks that cater to various economic sectors across 97 countries, with approximately 100 member institutions. He noted that the Sultanate of Oman became a member of the association in 2019, coinciding with the bank's efforts to forge partnerships and learn from similar banking organizations, especially in tackling sustainability issues.
He confirmed that since its membership, the bank has engaged in numerous meetings and is among the first Arab banks to join the association, with the Kingdom of Saudi Arabia following suit later. He added that the meeting includes a set agenda featuring sessions of the Board of Directors and the General Assembly, during which awards for sustainability initiatives are presented at both institutional and individual levels. DB has been honored with several of these awards from development banks and institutions.
Al Harthy noted that Oman’s involvement in the association has provided access to a vast array of studies and practical experiences, facilitated exchange visits with development banks in Malaysia, led to the signing of memoranda of understanding with member banks, and enabled the organization of training workshops for the bank’s personnel.
He mentioned that the Development Bank (DB) offers microfinance products specifically designed for individuals operating home-based micro-enterprises or small businesses that require growth and additional funding. The goals of microfinance include empowering individuals to become active contributors to society, generating job opportunities for young people, fostering an entrepreneurial culture, and encouraging innovation and creative thinking.
The meeting will also include the signing of multiple memoranda of understanding between regional and international development organizations, aimed at enhancing collaboration in financing. It will feature interactive sessions, and on the final day, participants will embark on a tour of Nizwa in the Al Dakhiliyah Governorate, designed to introduce international guests to Oman’s rich history and culture. This tour will provide attendees with an opportunity to explore Oman’s cultural heritage and engage with the local community.
Hosting this event in Muscat underscores Oman’s increasing significance in development finance and its commitment to supporting entrepreneurship and small to medium-sized enterprises. It also presents a valuable opportunity to strengthen international collaboration and share best practices in the sector, contributing to sustainable development. Oman aims to solidify its role as a regional center for finance and development in alignment with the strategic objectives of Oman Vision 2040.
