- The World Bank is scaling up support for the Pacific Islands states including through the first Country Assistance Strategy for Tuvalu.
- The Country Strategy for 2012-2015 will focus on addressing economic isolation and building resilience against external shocks.
Funafuti, Tuvalu, December 14, 2011 – The World Bank has been scaling-up analytical and financial support throughout the Pacific and is now well-positioned to provide increased support to Tuvalu through the first Country Assistance Strategy. The Country Strategy continues the Bank’s commitment to developing individual strategies to directly respond to the specific needs of small island economies while addressing common challenges in the Pacific. The Country Strategy will govern the Bank’s program throughout the fiscal years of 2012 to 2015. It has been developed to reflect the Tuvalu Government’s development priorities under the National
Strategy for Sustainable Development 2005-2015, and the themes underpinning the World Bank’s engagement in the Pacific. The country strategy will focus on two strategic areas: Strategic area 1: Mitigating economic isolation by encouraging regional and global integration - The initial focus of the World Bank’s program will be Tuvalu’s inclusion in a regional Pacific Aviation Investment Program. Improved air travel can help better serve many Tuvaluans who seek employment, education and other opportunities overseas. Investments proposed under the program will also help Tuvalu connect to the outside world, expanding markets for goods and services.
- The Bank will work with Tuvalu to develop a fisheries management to support the Parties to the Nauru Agreement Office. This group of countries, for whom fisheries remain their primary resource, is undertaking measures to improve the management of tuna resources and to ensure that members receive a more equitable share of benefits.
- A number of seasonal and international employment opportunities are available for Pacific Islanders. Together with donors already working on education and skills development programs, the World Bank will help Tuvaluans, particularly women, take full advantage such opportunities.
Strategic area 2: Building resilience against external shocks - The World Bank will support Tuvalu to help strengthen financial management in light of fiscal difficulties and the lingering effects of the global financial crisis.
- Tuvalu already faces effects of climate change. All planned World Bank activities will incorporate climate resilience measures as integral elements of project design. The scope of the challenge will require the Bank to develop an appreciation of the Government’s priorities before undertaking more complex activities. The Bank will also work with other partners to mobilize grant financing for climate change investments.
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