Oman could get US financing for renewables investment: The US Export-Import Bank (EXIM) could provide Oman with USD 500 mn in financing to purchase a range of US goods and services including in the renewable energy sector under an MoU signed last week, the export credit agency said Thursday. The agreement will see the two sides “explore options” for using EXIM financing, as well as promoting trade and investment in strategic sectors of Oman’s economy, according to a joint statement. No information was disclosed about the timeframe for dispersal of the funds.

What exactly is EXIM? EXIM is the official US export credit agency which offers financing including export credit ins., working capital guarantees, loan guarantees, and direct loans, the statement notes.

The details: The two countries will cooperate within key areas including clean energy, trade and investment, the joint statement notes. They looked at potential collaboration in areas including carbon removal, clean hydrogen and industrial decarbonization, clean energy policy, methane emissions reduction, Oman’s net-zero plans and COP28 participation. They also explored ways of working more closely on climate finance, research and knowledge sharing around decarbonization. Trade and investment discussions included maximizing the United States-Oman Trade Agreement, boosting investment and trade in areas including mining and agribusiness, and the issue of tariffs.

The MoU is part of a broader collaboration between Oman and the US: The MoU was signed at the end of the first ever Strategic Dialogue meeting between the US and Oman, which took place in Muscat last Thursday and aims to “build upon the strong partnership between the two countries,” according to the joint statement. US Undersecretary of State for Economic Growth, Energy, and the Environment Jose Fernandez led the US delegation at the Strategic Dialogue, where he met with senior Omani officials to discuss issues including approaches to the climate crisis and how to build more resilient supply chains, according to a US government statement.

ALSO- The US is holding climate-focused partnership discussions with the UAE: Fernandez also visited the UAE last week to attend the I2U2 Business Forum held in Abu Dhabi last week, according to a separate statement. The forum offered partner countries Israel, India, the UAE and the US the chance to look at ways of advancing cooperation in areas including management of the energy crisis and food insecurity. Fernandez met with senior UAE officials to discuss partnership in areas including clean energy and food security.