Omantel establishes Sustainable Finance Framework

Muscat: Oman Telecommunications Company (Omantel), the leading integrated telecommunications service provider in Oman, has launched its inaugural Sustainable Finance Framework. The Framework affirms Omantel’s commitment to sustainability in line with Oman Vision 2040, which is to enable the Omani society to build a digitally advanced and connected community and drive Oman’s sustainable development.

Under the framework, Omantel will be able to access green, social or sustainability bonds, sukuk, loans and other debt instruments through the sustainable finance market. The framework is aligned with the International Capital Market Association’s (ICMA) Green Bond Principles, Social Bond Principles, and Sustainability Bond Guidelines, as well as the Green Loan Principles and Social Loan Principles, published by the Loan Market Association, the Asia Pacific Loan Market Association and the Loan Syndications & Trading Association's (LMA, APLMA and LSTA).

DNV, one of the world’s leading certification bodies, provided an independent assessment confirming that the framework was in line with these principles.

Projects financed under the framework will support Omantel’s sustainability agenda. Sustainable financing instruments raised under the Framework will finance eligible activities such as energy efficiency improvements in fixed and mobile networks including deployment of 5G technologies and other digital products and services, renewable energy investments, e-waste recycling projects and green buildings, as well as support Omantel’s investments in the socioeconomic front such as enabling access to Internet services, providing specialized services to individuals with special needs or disabilities, and supporting entrepreneurship initiatives.

Omantel’s CEO Mr. Talal Al Mamari, said, “ We are delighted of this historic milestone. To pioneer the regions first sustainable financial framework is a testament to our unwavering commitment to Oman 2040 and the broader sustainability strategies shaping our world. This launch will support the establishment of multiple projects, especially those related to the 5G network and many digital services reflecting Omantel’s vision in building a connected community through innovation.”

In setting up the Sustainable Finance Framework, Omantel received support from Standard Chartered Bank as the sole sustainability structuring bank.