World Bank has endorsed a new five-year Country Partnership Framework to support the Congo Republic’s development objectives for 2020-2025.
Congo’s Objective is to Improve economic management to improve private sector development and job creation, as well as building human capital to promote inclusive and sustainable growth.
World Bank Country Director for the Congo Republic, Mr Jean-Christophe Carret said: “This new strategy is about supporting the Republic of Congo in achieving the needed economic reforms to provide better opportunities and services for all its citizens. Our commitment will focus on fewer but larger, more ambitious and impactful projects. Our partnership will focus on promoting economic growth and will also include projects on women’s empowerment and the digital economy.”
The Republic of Congo experienced a boom between 2004- 2014 with a steady economic growth of more than 5 percent annually but fell into an economic crisis for when the economy contracted for two years on the back of low oil prices. Inequality remains high and more than 35 percent of the population living in poverty in 2016. The highly urbanized country faces growing demands from a youthful population. Also, the disparities and existing inequalities between cities and countryside, and the North and South of the country, as well as the lack of social inclusion are one of the main drivers of fragility.
“The private sector plays an important role in creating jobs and growth in emerging economies like the Republic of Congo. The new strategy aims to help mobilize private sector investment and innovation to support the Republic of Congo’s government in achieving its development goals, ”said Aliou Maiga, IFC’s Director for West and Central Africa.
Guided by the priorities of the government’s National Development Plan and the recent Systematic Country Diagnostic for the Republic of Congo, the World Bank Group’s two areas of support are to; strengthen economic management and diversification, and to build human capital and resilience for inclusive and sustainable growth.
These frameworks are expected to modernize the public sector through greater efficiency and accountability in public resource management. It will help improve agricultural productivity and commercialization, providing more jobs and growth for the private sector.
The project will also improve access to and quality of education and health services, expand social protection coverage and promote women’s empowerment to enhance social inclusion. It will also help in sustaining and improving wildlife and forestry as well as the country’s natural resources.
Culled from www.worldbank.org