WASHINGTON, May 4, 2022 – World Bank Group Managing Director for Development Policy and Partnerships Mari Pangestu will arrive in Kingston today for a two-day visit. This will be Ms. Pangestu’s first trip to Jamaica and Caribbean region as a World Bank Group Managing Director.
Ms. Pangetsu’s visit reaffirms the World Bank Group’s commitment to partnering with Jamaica for better development outcomes for all of its people as well as to supporting efforts to achieve green, resilient, and inclusive development.
During her trip, Ms. Pangestu will meet with H.E. Prime Minister Andrew Holness, Minister of Finance and Public Service Dr. Nigel Clarke, and other cabinet members. She will also meet with development partners, civil society organizations, private sector leaders, and interact with young people at The University of the West Indies.
Mari Pangestu, together with International Finance Corporation (IFC) Director for Latin America and Caribbean Martin Spicer, will join Minister Clarke in launching Jamaica’s Country Private Sector Diagnostic (CSPD) on Friday, May 6, 2022. The CPSD, prepared jointly by the IFC and World Bank, includes an assessment of the state of the private sector, identification of opportunities for private sector growth, and recommendations of reforms and policy actions to mobilize private investment and drive solutions to key development challenges.
“I am delighted to visit Jamaica to learn more about the country’s progress in recovering from the COVID-19 pandemic, building climate resilience and other priorities to help the poor during a time of crisis,” said Mari Pangestu, World Bank Managing Director for Development Policy and Partnerships. “The World Bank Group and Jamaica have enjoyed a strong partnership for almost 60 years. I look forward to reinforcing our support for the government’s long-term development goals, including through engagements with the private sector.”
Ms. Pangestu assumed the role of Managing Director in March 2020 where she oversees the research and data group, the Global Practice groups, and External and Corporate Relations. She joined the Bank with exceptional policy and management expertise, having served as Indonesia’s Minister of Trade from 2004 to 2011 and as Minister of Tourism and Creative Economy from 2011 to 2014. In addition, Ms Pangestu has had over 30 years of experience in academia.
“We look forward to welcoming Mari to Jamaica where she can see first-hand the impact of our work aimed to improve the country’s infrastructure, human capital and spur economic growth. The CPSD and recent Education Public Expenditure Review are examples of how our analysis and data support Jamaica with evidence-based decision making,” said Lilia Burunciuc, World Bank Country Director for the Caribbean.
The World Bank’s active portfolio in Jamaica is comprised of seven projects with a total value of US$173 million. In March 2021, the Bank supported the Government with a US$185 million catastrophe bond that provides financial protection against losses from named storms through December 2023. For over 50 years, IFC has worked with the private sector in Jamaica to support greater access to finance and deliver sustainable infrastructure. Last month, IFC and Jamaica signed a Memorandum of Understanding for the development of three key brownfield road segments on the North Coast Corridor of the Caribbean country.
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