Muscat: Development Bank has been awarded a Sustainable Project Finance Award by the European Organization for Sustainable Development (EOSD) at its annual conference in Karlsruhe, Germany. The recognition reflects the Bank’s role in financing sustainable farming in Al Najd, Dhofar – an inland agricultural zone now central to Oman’s food security and diversification agenda.
Al Najd covers about 88,000 km² and is rapidly becoming one of Oman’s key agricultural regions. More than 21,000 hectares are under cultivation, producing wheat, dates, vegetables and livestock. Alongside this, plans are advancing for integrated agri-processing, logistics and the creation of a 50 km² agricultural city to host hi-tech farming, agri-tourism and food industries.
That development is mirrored in the Bank’s lending. In the first half of 2025, it approved 640 agriculture loans worth US$22 million, a 24% rise on the same period in 2024. The increase reflects strong demand from farmers and agribusinesses and the Bank’s tailored financing for efficient irrigation, smart greenhouses and local processing.
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The approach is both strategic and economic. Oman Vision 2040 sets diversification, food security and innovation as priorities, while the 2050 net zero target demands growth aligned with sustainable water use, climate resilience and renewable energy. At the same time, investment in Dhofar agriculture is generating jobs, strengthening SMEs, supporting food exports and reducing reliance on imports. By backing Oman-branded food products abroad the Bank is also helping to rebalance the economy while raising productivity at home.
Hussain Al Lawati, CEO, Development Bank, said: “Al Najd is where the future of agriculture is being built. The EOSD award recognizes the ambition of Omani farmers and the Bank’s determination to back projects that combine technology with sustainability. We’re financing growth that’s greener, more competitive and aligned with Vision 2040 and the country’s net zero goals.”
The award highlights the Bank’s growing role in sustainable project finance. With agriculture lending rising sharply, it is positioned to expand support for modern, climate-resilient farming that contributes directly to national food security and long-term economic diversification.
