WASHINGTON, July 12, 2018 —The World Bank Group has endorsed a new six-year Country Partnership Framework (CPF) for Mauritania focusing on creating the conditions for sustainable and equitable growth.
While boasting some of the world’s richest fishing waters and abundant mineral resources, Mauritania is highly vulnerable to the effects of climate change. Natural resource wealth lifted Mauritania into the ranks of lower middle-income countries but the end of the commodity super cycle highlighted the need for the country to broaden its economic base and create a conducive environment for private sector investment. Once a largely nomadic society, Mauritania now has the second highest rate of urbanization on the continent. By 2025, more than half of its population will be living in cities.
“The commodity “bust” underscored the need for Mauritania to accelerate ongoing structural, economic and social transformations, towards a more diversified economy and a society with greater inclusiveness and cohesion. Under the new CPF, the World Bank Group looks forward to working with Mauritania as they navigate these transitions towards shared prosperity and poverty reduction,” said Laurent Msellati, World Bank Country Manager for Mauritania.
The CPF focuses on three areas: 1) promoting economic diversification and resilient growth by increasing productivity in the livestock, fisheries and agriculture sectors, 2) building human capital for inclusive growth by improving access to basic services, social protection and quality of education as well as boosting the employability of women and youth; and 3) strengthening economic governance, including in the extractives sector, while facilitating private sector-led growth.
The CPF will build on synergies across the World Bank Group, with the International Finance Corporation (IFC) and the Multilateral Investment Guarantee Agency (MIGA) playing a key role in helping Mauritania improve its investment climate.
“IFC aims to promote economic growth and diversification in Mauritania by supporting the agribusiness, financial and extractives sectors, among others, through our investment and advisory services, with the goal of accelerating sustainable private sector growth and job creation for the local population,” said Faheen Allibhoy, IFC Country Manager for Mauritania.
The CPF is informed by extensive consultations with a broad range of stakeholders across the country and aligned with the government’s National Strategy for Accelerated Growth and Shared Prosperity.
For more information about the World Bank’s work in Mauritania visit: https://www.worldbank.org/en/country/mauritania
For more information about IDA, please visit: www.worldbank.org/ida