The World Bank Group is looking to deepen its engagement with Guyana in the areas of climate change, education and private sector development.
The Bank’s Board of Executive Directors met on Tuesday in Washington and discussed a new country engagement note for Guyana for the next two years to strengthen climate resilience, improve education quality and lay the ground for private sector development.
With the fall of commodity prices, severe drought affecting the region, and the end of the oil for rice program, Guyana’s economic growth has slowed down from 5 percent growth in 2013 to 3 percent in 2015. The economy is forecast to expand by 4 percent annually over the next two years, assuming that global commodity prices will not drop any further.
Guyana’s Finance Minister Winston Jordan attended the discussion and said that the renewed partnership with the World Bank is a sign of the government’s commitment to fighting poverty and climate change.
“We must ensure that we make the very best choices possible to take advantage of our natural endowments to create a more cohesive and prosperous society on behalf of the people of Guyana,” said Jordan.
The agreement with the World Banks comes at a time when Guyana is finalizing its national development strategy. “To boost competitiveness in the country, it is essential to tackle climate risks, generate the skills needed for the jobs of tomorrow, and create the right business ecosystem,” said World Bank’s Country Director for the Caribbean, Sophie Sirtaine.
“This marks an important step in our engagement with Guyana to help build an inclusive and green economy” she added.
The three priority areas are: building resilience to natural disasters, improving high quality education and laying the ground for private sector development. The World Bank Group will focus on strengthening the financial infrastructure and the business regulatory environment to support the government’s efforts to promote private sector growth and access to finance.