Partnership with World Bank Group Extended to Benefit More Poor People
WASHINGTON, DC, June 23, 2017— Myanmar will strengthen its programs and reforms that will promote growth in rural areas, invest in basic social services to provide better nutrition, health and education services, build infrastructure and create more and better jobs, in the next two years, in partnership with the World Bank Group.
After a review of the current Country Partnership Framework (CPF), Myanmar and the World Bank Group agreed to a two-year extension of the CPF which aims to end extreme poverty and promote inclusive growth in Myanmar. Over the next two years, up to around $1.2 billion in financing by the International Development Association (IDA), the Bank’s most concessional financing arm, will be earmarked for Myanmar, to be complemented with technical assistance and advisory services. The International Finance Corporation (IFC), the private sector arm of the World Bank Group, and the Multilateral Investment Guarantee Agency (MIGA), will continue their support to private lenders and investors based on demand.
The extended partnership framework with new financing support is grounded in nationwide consultations with stakeholders from government, civil society, private sector, and development partners.
“The extended World Bank Group’s Country Partnership Framework closely aligns with our economic policy,” said H.E. U Kyaw Win, Union Minister for Ministry of Planning and Finance. “It will help us to consolidate progress and advance toward achieving our key development priorities such as rural development and fostering human capital, through efforts to improve nutrition, infrastructure development, and creation of jobs, in order for all of Myanmar to benefit from the country’s development.”
The Performance and Learning Review of the CPF noted progress in three areas of partnership: reducing rural poverty, investing in people and effective institutions, and supporting a dynamic private sector to create jobs. For example, better schools, roads, and other infrastructure have benefited some 5.4 million people since 2015. Stipends have helped 150,000 more students attend school. Families in remote villages across Myanmar have benefited from community investments in schools, clinics, clean water, sanitation, electricity for lighting, refrigeration, and running businesses through World Bank-financed education, health, power, and community driven development projects. Over $1.5 billion of private sector financing was mobilized through loans, equity, and guarantees by IFC and MIGA, along with a significant program of technical assistance and advisory services.
“It is a privilege for the World Bank Group to be a strong partner with the people of Myanmar on their development journey. We will continue supporting Myanmar with vigor in the coming years,” said Abdoulaye Seck, World Bank Country Manager for Myanmar. “As friends of Myanmar, we listened to stakeholders across 14 states and regions, and were encouraged to learn that our support for growth and development that benefits more people, is consistent with the key directions proposed by the people and new administration.”
Approved in 2015, the CPF—the Bank Group’s first full strategy for Myanmar in 30 years—outlines how the World Bank Group can support Myanmar and its people in transforming the country, reducing extreme poverty and boosting shared prosperity, through global knowledge, financing, and convening services.
About the World Bank Group
The World Bank Group plays a key role in the global effort to end extreme poverty and boost shared prosperity. It consists of five institutions: The World Bank, including the International Bank for Reconstruction and Development (IBRD) and the International Development Association (IDA); the International Finance Corporation (IFC); the Multilateral Investment Guarantee Agency (MIGA); and the International Centre for Settlement of Investment Disputes (ICSID). Working together in more than 100 countries, these institutions provide financing, advice, and other solutions that enable countries to address the most urgent challenges of development.