Uruguay and the World Bank Group agree to promote sustainable economic development

Washington, December 6, 2022 Today, the World Bank Group Board of Directors endorsed the new Partnership Framework (CPF) with Uruguay for the period 2023-2027, which prioritizes adapting the economy to climate change and increasing fiscal resilience.

Since the beginning of the pandemic, the World Bank Group has been an ally when facing the health emergency and providing financial support to the country. And now that we have gone through a period of economic recovery and the consolidation of the structural reforms proposed by the government, the bank has returned once again to keep pace with new challenges with regard to public policies in various fields such as environment, health and defense. The competition “, insurance Minister of Economy and Finance Azucena Arbeleche. We are confident that, together with the World Bank Group, we will follow the path of innovation and transformation, especially in the development of new financial products. added.

Uruguay is an example of innovation in areas where the world faces enormous challenges, such as green growth, adaptation to climate change, and sustainable food production. detained Jordan Z. Schwartz, World Bank Director for the Southern Cone. “The greatest challenge facing a country of Uruguay’s level of development is to consolidate its institutional strength and develop its human capital with education and skills so that economic growth benefits all Uruguayans.”

In order for Uruguay to continue moving towards a green economy and increase its resilience to climate change, mitigate risks and reduce impact on fiscal accounts, the World Bank Group will support measures such as the transition to an agro-ecological production system Ensures national and international recognition of Uruguay’s products and the second energy transition in the transport sector towards hydrogen and green electric vehicles.

The World Bank Group will also support the country in areas related to health and advocacy for competition.

The International Bank for Reconstruction and Development (IBRD), the International Finance Corporation (the International Finance Corporation, a subsidiary of the World Bank Group that supports the private sector) and the Multilateral Investment Guarantee Agency (MIGA, an entity of the World Bank Group that provides political risk insurance to investors) Work together to implement this strategy and support the country’s development.

“The IFC will continue to support the development of the private sector in Uruguay, whose role is essential in building a more sustainable, competitive and inclusive country,” pointed out David Tenniel, IFC Regional Director for the Southern Cone. To do this, we will seek to catalyze investments that improve the quality and resilience of public services and in key decarbonization industries, as well as share our knowledge and help set international standards. added.

The World Bank Group has a portfolio of $693.5 million. It consists of $127.5 million in investment projects financed by the International Bank for Reconstruction and Development in the education, agriculture and e-government sectors, $539 million in MIGA guarantees for the financial sector, and $27 million from the International Finance Corporation to support the private sector.