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World Bank Approves New Partnership Strategy with Chile

February 16, 2011

WASHINGTON, FEBRUARY 16TH, 2011 – The World Bank Group (WBG) Board of Directors approved the new Partnership Strategy with Chile on Tuesday, covering the next six years (2011-2016) and falling within the government’s goal of eliminating extreme poverty by 2014.

The Country Partnership Strategy (CPS) defines the framework of cooperation between the World Bank, the International Finance Corporation –the WBG’s private sector arm– and the Government of Chile in three main areas aligned with the country’s priorities:

  • Modernization of the State Sector;
  • Creation of jobs and improvement of equity;
  • Promotion of sustainable investments.

These three areas form part of an integral approach that seeks to improve the country’s competitiveness, job quality and social protection, while at the same time promoting national and foreign investments, all based on a vision for the country guided by an environmentally sustainable development.

“We value the World Bank's  contribution and its commitment to support the strategies adopted by the government of President Sebastián Piñera, especially the State's  modernization agenda and the country's efforts to increase competitiveness and reduce poverty," Felipe Larraín, Chile's Minister of Finance.

For her part, Laura Frigenti, WB Director of Operations and Strategy for Latin America, said: “We are committed to supporting Chile in this new phase, supporting their agenda of competitiveness and reduction of inequality, making Chile’s successful development experiences available to other countries, as well as putting the Bank’s accumulated knowledge at the service of Chile.”

This CPS builds upon the successful experiences of past strategies and falls within the framework of the solid institutional foundations and economic stability of one of the leading countries in the region, where the Bank’s added value will stress the knowledge agenda more than purely financial issues.

The project portfolio totals US$220 million for the entire period. It also includes some US$400,000 annually to carry out studies with a Government counterpart that doubles that amount.  Equally under this framework, it will provide –according to needs and priorities– technical assistance under a fee-based services mechanism, which gives the program greater flexibility.

The CPS’s preparation involved a series of consultations with civil society groups, academics and the private sector, as well as government officials. These consultations allowed for substantial exchanges of opinion in order to fine tune the diagnosis for the country in terms of opportunities.

By approving the CPS, the WBG’s Board of Directors emphasized its commitment to supporting Chile and thus contributes to the government’s efforts to eradicate extreme poverty by 2014, finally becoming a developed country by the end of this decade.

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