WASHINGTON, May 16, 2023 - The World Bank Group’s Board of Executive Directors approved a new Country Partnership Framework (CPF) for the Co-operative Republic of Guyana, laying out the Bank’s strategy in the country for the period 2023–2026.
The Framework comes at a crucial time for Guyana, following the discovery of significant offshore oil and gas reserves, the start of oil production in 2019, and the economic boom the country is currently experiencing.
The anticipated influx of oil and gas revenues presents a unique opportunity to reduce poverty and move toward a more productive and diversified economy, but as international experience shows, can also pose challenges to good governance, economic management, political stability, and the environment.
“The new Partnership Framework is designed to support Guyana’s efforts to achieve sustainable growth for all”, said Lilia Burunciuc, World Bank Country Director for the Caribbean. “It puts Guyanese people at the center of the strategy, with a heavy focus on strengthened education, job creation, and improved capacity to manage natural resource revenues for the benefit of the people.”
The Framework, with an initial financial envelope of $83.4 million, aims to support Guyana in addressing these challenges by contributing to improved human capital, increased private sector investment, more and better jobs, and enhanced climate and environmental resilience. The CPF proposes a robust program of technical and financial support focusing on six objectives: improved education quality, increased access to quality secondary education, strengthened public health preparedness, strengthened capacity to manage natural resource revenues, enhanced competitiveness of Guyana’s non-oil economy, and stronger resilience to flood and climate change adaptation.
“This is the first complete World Bank Group strategic framework in Guyana since 2012 and reflects our strengthened relationship with the country in recent years. As Guyana seeks holistic development, we will continue supporting investments and providing advisory services across different sectors to improve human capital, create more and better jobs and reduce inequalities,” said Diletta Doretti, the Resident Representative for Guyana and Suriname.
In preparation, the World Bank Group consulted with key stakeholder groups, including the government, the private sector, civil society, think tanks, academia, and other development partners.
The new Framework, anchored in the government’s Low Carbon Development Strategy 2030, will support Guyana’s economic transformation by contributing to its green, resilient, and inclusive development.
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