Regional economic communities (RECs) are the building blocks and implementing arms of the African Union’s continental integration agenda. They serve as convening bodies for discussions among member states on matters relating to transboundary, socio-economic, free movement of people and goods, and security concerns. The World Bank Group is strengthen its partnership with the RECs by:
Streamlining partnerships around key priority areas that leverage their respective comparative advantages
Strengthening the dialogue with a focus on the implementation of agreed projects for better outcome
Supporting capacity-building efforts for projects coordination, deepening cooperation, and for advancing key priorities
Experience from shocks, including the COVID-19 pandemic, shows that keeping companies solvent is key to saving jobs and limiting the economic damage. The World Bank Group is enhancing private sector-led economic recovery in Africa by:
Supporting private sector engagement in fragile and conflict-affected countries through the World Bank Group’s collective operations
Developing priority regional value chains to increase food security and help people connect to job opportunities
Enhancing regional connectivity with larger markets through financial and trade integration projects
Leveraging private finance for the economic connectivity agenda by increasing private finance mobilization through World Bank Group regional integration projects
