The new Country Partnership Framework will guide the World Bank Group's investments and technical support in the country over four years.
WASHINGTON, D.C., May 30, 2023 - The World Bank Group's (WBG) Board of Executive Directors endorsed the 2024-2027 Country Partnership Framework (CPF) for Guatemala today. The new CPF will support the country's efforts to enhance human capital, build resilience to natural disasters and climate change, and improve job opportunities, focusing on strengthening institutional capacity and promoting inclusion.
The Country Partnership Framework, which will guide the WBG's program in Guatemala, proposes potential investments of up to US$2.5 billion over four years. The WBG's support to Guatemala encompasses a wide range of financing instruments to help the country address its development challenges, working in coordination with development partners. In addition, technical assistance and advisory services, as well as analytical work, will be provided to help build institutional capacity and improve service delivery by drawing on global expertise.
"The World Bank Group is a long-term partner of Guatemala and will continue to provide technical and financial assistance, as well as global and local expertise, to address the country's development priorities and promote a more dynamic, inclusive, and sustainable growth. With a clear strategy and collective commitment, Guatemala can tap its enormous potential to reduce poverty rates and create prosperity for all Guatemalans," said Marco Scuriatti, World Bank Resident Representative in Guatemala.
The 2024-2027 CPF aims to make measurable contributions through investments and technical support to improve three key development opportunities for Guatemala:
- Increased human capital: improving child nutrition and development, expanding coverage of social safety nets, and increasing access to improved infrastructure and basic services such as health, social protection, and water and sanitation services.
- Increased resilience to natural disasters and climate change: strengthening the capacity to manage disaster risk, natural capital and resilience to climate shocks through improved disaster preparedness, forest management and infrastructure.
- Improved job opportunities: increasing employment through a more efficient public spending, leading to improved public investment, jobs, and economic opportunities in rural and urban areas.
Two cross-cutting themes in the WBG program will focus on (i) institutional capacity: improving data availability, integrity and transparency; and (ii) inclusion: addressing exclusionary barriers, particularly affecting women and indigenous groups, and promoting their economic empowerment.
The WBG's International Finance Corporation (IFC) engagement in Guatemala will continue to focus on: i) expanding access to finance for small and medium enterprises (SMEs) and underrepresented groups (women, farmers, rural micro-entrepreneurs, and indigenous peoples) through financial institutions; ii) addressing critical infrastructure needs by exploring opportunities in urban infrastructure and public-private partnerships (PPPs); and iii) supporting competitive and employment-intensive manufacturing and agribusiness sectors. The WBG's Multilateral Investment Guarantee Agency (MIGA) will continue to explore opportunities to de-risk cross-border investments in key economic sectors.
"Unlocking the potential of the private sector is imperative to help Guatemala address its development challenges and spur resilient and inclusive growth," said Sanaa Abouzaid, IFC's Regional Manager for Central America. "Through our investment and advisory services, IFC will continue promoting financial and social inclusion, supporting infrastructure development, and bolstering competitive and job-intensive sectors."
The World Bank's active portfolio in Guatemala amounts to US$552.5 million in commitments and includes four operations. IFC's committed investment portfolio in the country totals US$495.1 million. MIGA has no current operations in Guatemala.
To learn more about the World Bank's work in Latin America and the Caribbean, please visit our web site.
Learn more about the World Bank in Guatemala.
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