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WASHINGTON, May 07 2016 – The World Bank Group’s Board of Executive Directors has discussed a new country engagement note for Guyana for the next two years to strengthen climate resilience, improve education quality and lay the ground for private sector development.
“We must ensure that we make the very best choices possible to take advantage of our natural endowments to create a more cohesive and prosperous society on behalf of the people of Guyana,” said Winston Jordan, Minister of Finance of Guyana. “This renewed partnership with the World Bank is a sign of the government’s commitment to fighting poverty and climate change,” he added.
With the fall of commodity prices, severe drought affecting the region, and the end of the oil for rice programme, 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.
“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,” said World Bank’s Country Director for the Caribbean, Sophie Sirtaine. “This marks an important step in our engagement with Guyana to help build an inclusive and green economy”.
As the Government of Guyana is finalising its national development strategy, the World Bank Group agreed with the government to focus on priorities, including bilding resilience to natural disasters.
Guyana is one of the most vulnerable countries to climate change. Nearly 90 percent of Guyana’s population lives in the narrow coastal plain, largely below sea level. Specifically, the projects will continue improving flood preparedness through improved hydro-meteorological monitoring and the rehabilitation of critical infrastructure to reduce the risk of flooding in the East Demerara coast.
