WASHINGTON, April 18, 2019 – Supporting faster, inclusive, and sustainable growth in the Republic of North Macedonia is the objective of the new four-year Country Partnership Framework (CPF) endorsed today by the World Bank Board of Executive Directors. The strategy aims to support the Government’s program and medium-term strategy by creating greater opportunities to improve citizen’s living standards and accelerate income convergence with the European Union (EU).
“The resolution of the country name dispute opens new opportunities for growth in North Macedonia,” said Linda Van Gelder, Country Director for the Western Balkans. “We are very pleased to be partnering with the country at this historic moment and we will continue to help maximize opportunities to build a vibrant and inclusive domestic economy that is fully engaged with the region and the world.”
The new CPF has three focus areas. The first area will improve the environment for a competitive private sector by boosting connectivity and improving access to markets, helping businesses become more innovative, productive, and competitive, and creating more and better jobs for people.
The second area will support investments in human capital, with a focus on improving education and skills training, providing better access to social services for the most vulnerable people, and encouraging more inclusive participation in labor markets.
The third area will reinforce fiscal and environmental sustainability by strengthening public financial management and accelerating the country’s transition to a more sustainable energy mix. Climate change challenges will be addressed through investments in energy efficiency, renewable energy and climate resilient transport and agriculture.
The strategy, across all three focus areas, supports policy reforms to advance North Macedonia’s European Union accession agenda, complementing and reinforcing the efforts of the Government and other development partners.
As part of the CPF, IFC, a member of the World Bank Group, will seek further opportunities to mobilize foreign direct investment to generate growth and exports and improve the participation of SMEs into the supply chain. IFC will also support trade facilitation and logistics to improve connectivity with export markets and enlist the private sector to support energy transition.
“IFC’s goal is to unleash the power of the private sector to accelerate sustainable economic growth and create job opportunities,” said Thomas Lubeck, IFC Regional Manager for Central and Southeastern Europe. “We will focus on supporting export-led growth, accelerating the transition to renewable energy, and improving financial inclusion and financial sector efficiency.”