For more than 75 years, the World Bank Group (WBG) has collaborated with Chile to develop innovative solutions to complex challenges in key areas for the country's progress. The knowledge gained through this work is being shared with several countries.
Today marks the beginning of a new phase in this long history of collaboration. For the first time, the WBG is opening a joint office in Chile. This new structure will unify the leadership of the World Bank, which works with the public sector; the International Finance Corporation (IFC), which works with the private sector; and the Multilateral Investment Guarantee Agency (MIGA), which provides guarantees to investors and lenders.
“Our aim is to use this new structure to enhance our ability to address global challenges and drive development with speed, efficiency, and impact in the country,” explained Jean-Marc Arbogast, WBG Country Manager in Chile.
Promoting public-private collaboration
Chile has a proven track record of making progress along the path to development, both in terms of economic growth and poverty reduction. A robust private sector, supported by an enabling environment for investment, has been instrumental in this achievement. In recent years, however, growth has slowed, and productivity and equity progress have stagnated.
“Collaboration is key to achieving development. Governments must drive reforms, the private sector must invest, and our institution stands ready to provide financing, international expertise, technical support, and good practices, and to promote accountability,” said Mr. Arbogast.
He added that the WBG is working to end poverty and reduce inequality, and that the most effective way to do so is through jobs. “Creating quality jobs is one of the stated objectives of our work. We want to help workers be more productive, secure better conditions, and lift themselves out of poverty,” he said.
To address this challenge, the WBG is working in three areas:
- Establishing preconditions for employment, such as health, education, and infrastructure.
- Building strong governance, as well as policies and regulations, that will be conducive to doing business.
- Mobilizing private capital, supporting business growth and job creation.