The World Bank Group’s Managing Director for Development Policy and Partnerships Mari Pangestu made her first visit to Jamaica this week in an effort to provide support to the island as it rebounds from COVID-19.
Pangestu, who arrived on the island on May 5th for a two-day visit, will meet with H.E. Prime Minister Andrew Holness, Minister of Finance and Public Service Dr. Nigel Clarke, and other cabinet members. She will also meet with development partners, civil society organizations, private sector leaders, and interact with young people at The University of the West Indies.
Together with International Finance Corporation (IFC) Director for Latin America and Caribbean Martin Spicer, she will also will join Minister Clarke in launching Jamaica’s Country Private Sector Diagnostic (CSPD) on Friday, May 6th.
The CPSD, prepared jointly by the IFC and World Bank, includes an assessment of the state of the private sector, identification of opportunities for private sector growth, and recommendations of reforms and policy actions to mobilize private investment and drive solutions to key development challenges.
“I am delighted to visit Jamaica to learn more about the country’s progress in recovering from the COVID-19 pandemic, building climate resilience and other priorities to help the poor during a time of crisis,” said Pangestu.
“The World Bank Group and Jamaica have enjoyed a strong partnership for almost 60 years. I look forward to reinforcing our support for the government’s long-term development goals, including through engagements with the private sector.”
In 2020, from April to June, Jamaica’s economy declined by 18.4%, the worst quarterly decline in the country’s history due to COVID-19. With economic activity gradually returning to normal, the government has made economic growth its main priority.
“We look forward to welcoming Mari to Jamaica where she can see first-hand the impact of our work aimed to improve the country’s infrastructure, human capital and spur economic growth. The CPSD and recent Education Public Expenditure Review are examples of how our analysis and data support Jamaica with evidence-based decision making,” said Lilia Burunciuc, World Bank Country Director for the Caribbean.
The World Bank’s active portfolio in Jamaica is comprised of seven projects with a total value of US$173 million. In March 2021, the Bank supported the Government with a US$185 million catastrophe bond that provides financial protection against losses from named storms through December 2023.
Last month, IFC and Jamaica signed a Memorandum of Understanding for the development of three key brownfield road segments on the North Coast Corridor of the Caribbean country.
