The World Bank last week officially launched new Country Partnership Strategy (CPS) for Rwanda.
The new strategy launched June 25, will mobilize World Bank Group financing and knowledge behind three priorities expected to have the greatest impact on the country’s development future These include: accelerating private sector-driven growth to create jobs; improving productivity and raising poor peoples’ incomes; and support transparent, accountable governance .
The Bank Group believes that these priorities will be further strengthened by investing in greater regional integration with Rwanda’s neighbors and the rest of the East African Community.
The CPS is fully aligned with the Government’s Second Economic Development and Poverty Reduction Strategy.
The four year Strategy for Rwanda endorsed by the World Bank’s Board of Executive Directors on June 5, 2014 was launched during a high level forum attended by key government officials and a host of stakeholders, representing county governments, private sector, parliamentarians, civil society and other development partners.
Rwanda has had remarkable progress in recent years and now it has the potential to expand its growth by focusing on export diversification, structural transformation, regional integration and financial sector deepening.
“This progress, so notable in this year, marking the twentieth anniversary of the genocide, illustrates the possibilities and opportunities for any country seeking a new path to peace and prosperity.
We know there is much further to travel and the World Bank Group is proud to accompany Rwanda on its journey to shared prosperity over the next four years.” said Diariétou Gaye
Prepared jointly by the International Development Association (IDA), International Finance Corporation (IFC) and the Multilateral Investment Guarantee Agency (MIGA), the new strategy represents a shared view of how resources across the entire Bank Group can best support the government’s effort to achieve its national goals.
“The Synergy between the WB m IFC and Mega using all their resources and expertise to make sure that they can together assist us in different ways and in all areas that are so crucial for our development is commendable.” Said Claver Gatete, Minister of Finance and Economic Planning.
IFC will provide investments and advisory services to help expand access to finance, promote competitive businesses and investment climate, and support critical sectors of the economy, including agribusiness and infrastructure.
“Rwanda’s remarkable economic reforms in recent years are helping to encourage investment in infrastructure, agriculture, manufacturing and financial markets.
IFC will work across the World Bank Group in partnership with Rwanda’s government and private sector to help create new jobs and opportunities for inclusive growth“, said Cheikh Oumar Seydi, IFC’s Director for Eastern and Southern Africa.
MIGA will look for opportunities to support sustainable private sector investments in the power, water, transportation, and agribusiness sectors.
“As Rwanda works to achieve private sector-led growth, MIGA guarantees can offer reassurance for foreign investors, including investors in public-private partnerships,” said Michel Wormser, MIGA Vice President and Chief Operating Officer.
The new strategy reflects results of extensive consultations with government, local government officials and Members of Parliament, the private sector, development partners, civil society, and academia.
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