The World Bank Group and the Ministry of Economy introduce a new program for economic transformation in the Dominican Republic

The World Bank Group and the Ministry of Economy introduce a new program for economic transformation in the Dominican Republic

The Country Partnership Framework envisages three main outcomes with sustainable and long-term improvements that will contribute to people’s well-being.

Santo Domingo, 09 May 2022. – The World Bank Group (GBM) and its counterpart in the Dominican Republic, the Ministry of Economy, Planning and Development (MEPyD), a new presentation Country Partnership Framework (MAP)The World Bank Group’s strategy outlining support for the Caribbean country’s development priorities for the next five years includes financing up to $1.8 billion for development projects.

The event was chaired by Mari Pangestu, Managing Director for Development Policy and Alliances in the Arab Republic of Egypt World Bank GroupHe is accompanied by the Minister of Economy, Planning and Development Miguel Ciara Hatton, the Director of the World Bank for Central America and the Dominican Republic, Michel Curve, the resident representative of the World Bank in the country, Alexandria Valerio, and the International Finance Corporation representative in the State of Carolina Cardenas. Prepared in close coordination with the National Development Strategy 2030, the multi-year plan for the public sector and the sustainable development goals; MAP proposes to support reforms in key sectors such as: electricity, water, housing, health, social protection and the environment. The World Bank Group This support will be channeled through financial resources, non-reimbursable technical assistance and donations.

Minister Ciara Hutton acknowledges “the support of the world bank To achieve our goals of improving people’s quality of life; This entity has a broad agenda for development and investment issues in sectors that are current priorities, such as water, recovery, and the electricity sector, which are included in the new Country Partnership Framework (MAP)“.

For her part, Ms Pangestu expressed her gratitude that her maiden voyage to the Dominican Republic coincided with the launch of a mapwhich represents the perfect opportunity to speak out and rethink the future of the country.

east The framework of the alliance with the state It considers three main outcomes with sustainable and long-term improvements that will contribute to people’s well-being:

Improving access to quality public serviceswhich seeks to reduce fiscal space and public spending, and support the electricity sector reform program to increase efficiency, and increase the coverage and quality of health and social protection networks.

Achieving more high-quality jobsimproving the quality of education and job training; strengthening the investment climate, increasing and diversifying business markets; This will be achieved through mobilizing financing for infrastructure and neglected groups, decent and quality housing, with a focus on female-headed households, granting mortgage financing from the National Housing Program, increasing loans to women, SMEs, encouraging public-private projects and facilitating green finance .

Achieving greater resilience in the face of climate changeby improving the sustainability of landscapes and natural resources, including “blue economy” assets, improving water resource management, and further strengthening the country’s institutional and financial capacity to better deal with exposure to natural disasters.

Mr. Curve stated that the new Country Alliance Framework, It is a vote of confidence and a presumed commitment World Bank Group To continue to support recovery efforts so that the gains made are not lost.

On the other hand, the International Finance Corporation (IFC) will focus on mobilizing private capital through public-private partnerships to take advantage of investment needs, while the Multilateral Investment Guarantee Agency (MIGA) will continue to focus on mitigating risks to stimulate investment. Private investment and improvement of the investment climate.

The a map A dynamic and public access tool that leverages the analytical studies of world bank and a broad consultation process with civil society, academia, the private sector and the international community.

As of March 2021, the World Bank has an active portfolio of $768.5 million to support projects in the sectors of education, social protection, electricity, potable water and sanitation, and resilient agriculture.

Recently completed World Bank Group advisory and analytical work includes public expenditure focusing on social protection and water, and diagnostic and analytical work on infrastructure investment. Current analytical work focuses on regional development, consumer protection, the Country Economic Note, the trade and investment climate, poverty and gender assessment, and support for Nationally Determined Contributions (NDCs, for short).

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