DAKAR, February 5, 2015 - The World Bank Group and the Government of Guinea Bissau convene at a strategic retreat on February 5-7, 2015 to prepare for an upcoming donor roundtable hosted by the European Union in Brussels on March 25, 2015.
The retreat provides an opportunity for the Government of Guinea Bissau and the World Bank Group to discuss the development challenges and opportunities to be addressed by the National Strategic and Operational Plan for 2015-2020 and the World Bank Country Economic Memorandum (CEM) for Guinea Bissau. The strategic discussions will also consider IFC’s engagement with the private sector in the country.
A presentation of the World Bank’s CEM will give members of the government a macroeconomic overview of the country and propose ways to reduce extreme poverty and boost economic opportunities.
“A historic window of opportunity has arisen to break a vicious cycle of instability and poverty in Guinea Bissau. Simultaneous investments in strengthening governance and creating favorable conditions for private sector-led growth can help pave the way for a better future for all Bissau-Guineans. The World Bank group stands ready to accompany the people of Guinea Bissau in their quest to fight poverty and overcome development challenges,” notes Vera Songwe, World Bank Director for Guinea-Bissau.
High ranking officials of the Bissau-Guinean government will jointly discuss with the World Bank team the country’s top development priorities as well as an accountability framework that will be critical to strengthening the implementation, coordination, and monitoring of development programs.
Following the planned donor roundtable, IFC is poised to reintroduce projects that target promising sectors in Guinea Bissau, such as agribusiness and the power sector.
“IFC is committed to supporting Guinea Bissau’s efforts to attract private operators and increase access to financing to develop a strong and vibrant private sector,” said Jerome Cretegny, IFC Regional Representative for Guinea Bissau. “An improved investment climate will address a significant priority for the government by promoting the growth of the private sector and job creation.”
In interactive discussions, the government and the World Bank team will collaborate to draw up specific action plans for priority sectors as well as subsequent commitments to deliver on those aforementioned plans.