Rwanda: New World Bank Group Development Strategy Will Help Create Jobs, Boost Agribusiness and Private Investment for Less Poverty and More Opportunity
June 5, 2014
WASHINGTON, DC June 5, 2014—The World Bank Group’s Board of Executive Directors today endorsed a new Country Partnership Strategy (CPS) for Rwanda which will mobilize World Bank Group financing and knowledge behind three priorities expected to have the greatest impact on the country’s development future.
These include: accelerating private sector-driven growth to create jobs; improving productivity and raising poor peoples’ incomes; and support transparent, accountable governance. The Bank Group believes that all three priorities will be further strengthened by investing in greater regional integration with Rwanda’s neighbors and the rest of the East African Community. The CPS is fully aligned with the Government’s Second Economic Development and Poverty Reduction Strategy.
Rwanda has had remarkable progress in recent years and now it has the potential to expand its growth by focusing on export diversification, structural transformation, regional integration and financial sector deepening. Prepared jointly by the International Development Association (IDA), International Finance Corporation (IFC) and the Multilateral Investment Guarantee Agency (MIGA), the new strategy represents a shared view of how resources across the entire Bank Group can best support the government’s effort to achieve its national goals.
“The Bank’s involvement will help Rwanda create jobs for an increasingly urbanized population, as well as support greater agricultural productivity and rural development, which are all crucial for achieving the ambitious goals set by the Rwandan Government,” said Diariétou Gaye, World Bank Country Director for Rwanda.
IFC will provide investments and advisory services to help expand access to finance, promote competitive businesses and investment climate, and support critical sectors of the economy, including agribusiness and infrastructure.
“Rwanda’s remarkable economic reforms in recent years are helping to encourage investment in infrastructure, agriculture, manufacturing and financial markets. IFC will work across the World Bank Group in partnership with Rwanda’s government and private sector to help create new jobs and opportunities for inclusive growth“, said Cheikh Oumar Seydi, IFC’s Director for Eastern and Southern Africa.
MIGA will look for opportunities to support sustainable private sector investments in the power, water, transportation, and agribusiness sectors.
“As Rwanda works to achieve private sector-led growth, MIGA guarantees can offer reassurance for foreign investors, including investors in public-private partnerships,” said Michel Wormser, MIGA Vice President and Chief Operating Officer.
The new strategy reflects results of extensive consultations with government, local government officials and Members of Parliament, the private sector, development partners, civil society, and academia.
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