The World Bank Group’s new Country Partnership Strategy for 2015-2018 seeks to support government efforts to expand economic and social opportunities to all Dominicans.
The strategy offers a new US$550 million World Bank lending program and approximately US$200 million on the part of the International Finance Corporation, as well as guarantees from the Multilateral Investment Guarantee Agency (MIGA) in response to market demand. Additionally, it offers advisory and other services on the part of the entire World Bank Group. With this comprehensive program, the World Bank Group hopes to achieve results in five key areas over the next four years:
• Improve the business climate by reducing the time required to register new enterprises by half; promoting access to financing for more than 60,000 small and medium-sized enterprises; and facilitating public-private partnerships.
• Increase access to electricity, telecommunications and other services by reducing losses in the electric power sector, increasing investment in renewable energies and improving access to more efficient, reliable information and communication technologies through a national broadband network that will connect 15 provinces.
• Strengthen the capacity of recovery from external shocks through the installation of a new telemetry network to manage water resource flows; construction and rehabilitation of four dams; and development of a national integrated information system.
• Promote efficient public resource management through the strengthening of fiscal management, budgetary processes and the capacity of civil society for budget analysis and oversight.
• Improve access to public services, including education, health, water and social protection by increasing the number of teachers recruited through a competitive selection system; doubling the number of children immunized in three regions of the country; increasing access to improved sanitation for 128,000 people living in poverty in Puerto Plata; and strengthening of the emblematic targeting program, Progresando con Solidaridad.
In the Dominican Republic, the World Bank’s portfolio has commitments of US$237.4 million whereas the IFC’s portfolio totals US$208 million, with additional mobilization of IFC partners for US$97 million. This IFC support to the private sector is complemented by a MIGA guarantee of US$107.6 million to support foreign investment in the country’s road infrastructure.
Last Updated: Oct 06, 2014