World Bank outlines new strategy to support Rwanda

The World Bank Group's Board of Executive Directors has endorsed a new strategy to mobilize financial resources for Rwanda's development in three priority areas.

The new strategy outlined the priority areas as: accelerating private sector-driven growth to create jobs; improving productivity and raising poor peoples' incomes; and supporting transparent, accountable governance.

A statement from the bank indicated that the priorities will be further strengthened by investing in greater regional integration with Rwanda's neighbors and the rest of the East African Community.

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 reform, according to the World Bank.

Prepared jointly by the International Development Association (IDA), International Finance Corporation (IFC) and the Multilateral Investment Guarantee Agency (MIGA), the new approach 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 Bank's involvement will help Rwanda create jobs for an increasingly urbanized population, as well as support greater agricultural productivity and rural development, all crucial for achieving the ambitious goals set by the Rwandan government," the bank's country director Diarietou Gaye said in a statement.

It said 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.

IFC's director for Eastern and Southern Africa, Cheikh Oumar Seydi said Rwanda's remarkable economic reforms in recent years are helping 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," he said.

MIGA will look for opportunities to support sustainable private sector investments in the power, water, transportation and agribusiness sectors.

Michel Wormser, MIGA vice president and chief operating officer said as Rwanda works to achieve private sector-led growth, MIGA guarantees can offer reassurance for foreign investors, including investors in public-private partnerships. Endi