WB Group supports new trajectory of inclusive growth for Gambia

The World Bank Group (WBG) reaffirmed on June 12, its continuous support for the nation with its Country Engagement Note (CEN) for The Gambia for 2018-2021, proposing a focused program to address critical needs during the country’s transition, while laying the foundation for longer-term inclusive growth.

 “The World Bank has acknowledged the importance of immediate government priorities to restore macro-economic stability and economic governance, while at the same time strengthening basic services, and protecting the poor and vulnerable. The World Bank Group looks forward to continuing working with authorities and donors to support the Government’s reform agenda,” said Louise Cord, World Bank Country Director for Senegal, Cape Verde, The Gambia, Guinea Bissau, and Mauritania.

 Through the combination of budget support and investment operations, the CEN aims to stabilize the economy, improve fiscal performance and governance, address bottlenecks in energy, as well as strengthen service delivery and social protection.  Recognizing the need to invest in human capital, the WBG will continue to assist with enhancing the access to and quality of education, strengthening healthcare, and improving nutrition in response to the food security crisis linked to the recent drought. The CEN is closely aligned with The Gambia’s National Development Plan 2018-2021.

 Moreover, The Gambia qualifies for exceptional International Development Association support and allocation of additional resources, which will be used to scale up support for energy, state-owned enterprise reform, social protection and agricultural transformation.

 The WBG program also aims to promote private sector-led inclusive growth through supporting critical foundations such as logistics, the financial sector and investment climate. Advisory services and investments will be provided to modernize and diversify key sectors with potential to raise household incomes and support both local and international companies expanding their operations in the country.

 “Since 1984, IFC has engaged across multiple sectors in The Gambia including tourism, agribusiness, education, transport and warehousing. We are now determined to scale up our investment and advisory support to create more opportunities in the country, with a focus on financial markets, the services sectors and Public Private

 Partnerships,” said Faheen Allibhoy, IFC Country Manager for The Gambia, Cape Verde, Guinea Bissau, Mauritania and Senegal.