Oman has established a corporate investment bank in Angola to expand its financial footprint in Africa’s emerging markets.

The African Bank of Oman (ABO) falls under the objectives of Vision 2040, which seeks to diversify sources of national income and strengthen the sultanate’s overseas investment presence, the state-run Oman News Agency said.

The launch of the bank comes as Angola advances a long-term national development strategy, which prioritises economic diversification, accelerating privatisation, infrastructure development and opening productive sectors to international investment.

ABO will focus on three areas: facilitating cross-border payments and financial transactions between Angola and Middle Eastern countries; offering corporate banking services; and providing financial advice and financing for major projects in strategic sectors.

The bank is targeting sectors that underpin the Angolan economy. Oil and gas account for about 20 percent of Angola’s gross domestic product, while consumer goods contribute about 19 percent. Other targeted sectors include mining, infrastructure, transport and logistics.

In its initial phase, ABO aims to serve 50 multinational corporations, local enterprises and government entities operating in Angola.

ABO seeks to solidify Oman’s position as an investment and financial bridge linking the Middle East to emerging global markets, deputy prime minister for economic affairs Sayyid Theyazin bin Haitham Al Said was quoted as saying. 

Abdulsalam bin Mohammed Al Murshidi, chairman of the Oman Investment Authority, said the bank will play a pivotal role in supporting Omani companies seeking to expand internationally and access new markets and investment opportunities. 

No details were given on the bank’s capital.

Earlier this month, Oman Investment Authority unit O-Green started building a 500-megawatt solar power plant in Botswana, southern Africa.

The project is the first initiative under an Oman-Botswana energy cooperation pact, which targets the development of capacity totalling up to 3,000MW.