Reduce Poverty, Increase Prosperity and Tackle Inequality
PORT MORESBY, December 21, 2012 – Today the World Bank Group announced a four-year strategy designed to support the Government of Papua New Guinea’s efforts to improve the livelihoods of thousands of families, further its economic development and reduce gender-based inequality.
Discussed by its Board of Directors last week, the World Bank Group’s strategy focuses on investments that will reduce poverty, strengthen agriculture, develop renewable energy, scale up transport and telecommunications infrastructure, and improve the delivery of public services. The Bank Group will also deploy its global knowledge base to provide access to innovation and technical expertise for PNG government, civil society and research institutions in critical areas like quality of education, public health, and water and sanitation.
Ensuring women and men, girls and boys benefit equally from Papua New Guinea’s development goals is central to the World Bank Group’s strategy for the nation. It also aims to further promote prudent management of revenues.
“This strategy is a partnership, and the World Bank and IFC are determined to see Papua New Guinea prosper,” said the World Bank’s Country Manager Laura Bailey. “Institutional reform, improved governance, and lower crime and violence will all help the country pursue its development goals. Gender imbalances also restrict efforts to progress this agenda, so we must have them front and center in our plans for the country.”
IFC, a member of the World Bank Group, is helping Papua New Guinea’s farmers improve their standards and strengthen links with larger firms. It is also partnering with banks to deliver financial services to rural areas and small business owners, and assisting the government in setting policies and regulations to create an attractive business environment that will spur investment and job creation.
“We plan to target our investments at companies that generate large-scale job opportunities, particularly in agribusiness, infrastructure such as electricity, and midsize Papua New Guinea companies, including land-owner companies,” said Carolyn Blacklock, IFC resident representative for Papua New Guinea.