The World Bank has deepened its engagement with Guyana to strengthen climate resilience, improve education quality and lay the ground for private sector development over the next two years.

According to Minister of Finance of Guyana, Winston Jordan, this renewed partnership is a sign of the government’s commitment to fighting poverty and climate change.

With the fall of commodity prices, severe drought affecting the region, and the end of the oil for rice program, Guyana’s economic growth has slowed down from 5 percent growth in 2013 to 3 percent in 2015. The economy is forecast to expand by 4 percent annually over the next two years, assuming that global commodity prices will not drop any further.

World Bank’s Country Director for the Caribbean, Sophie Sirtaine says to boost competitiveness in the country, it is essential to tackle climate risks, generate the skills needed for the jobs of tomorrow, and create the right business ecosystem.

She says this partnership renewal marks an important step in the Bank’s engagement with Guyana to help build an inclusive and green economy.

As the Government of Guyana is finalizing its national development strategy, the World Bank Group agreed with the government to focus on three priorities. They include:
1. Building resilience to natural disasters: Guyana is one of the most vulnerable countries to climate change.
2. Improving high-quality education

3. Laying the ground for private sector development.

Sirtaine says as it relates to private sector development, the World Bank Group will focus on strengthening the financial infrastructure and the business regulatory environment to support the government’s efforts to promote private sector growth and access to finance.

She says IFC will continue supporting private sector investments particularly in the mining sector with a focus on promoting sustainable practices, civil society participation, and the rights of indigenous people.

In addition, Sirtaine says MIGA will also look to support productive investment projects through its political risk guarantees as relevant opportunities emerge.