Contacts In Washington: Merrell Tuck (202) 473-9516 mtuckprimdahl@worldbank.org In Singapore: Riina Laigo +372 53 264 118 riina.laigo@fin.ee SINGAPORE, September 17, 2006 – The Government of the Republic of Estonia and the World Bank exchanged letters today to mark the formal graduation of the Republic of Estonia from World Bank borrower status. Mr. Aivar Soerd, Minister of Finance of the Republic of Estonia, signed on behalf of the Government and Mr. Shigeo Katsu, World Bank Vice President for the Europe and Central Asia Region, signed on behalf of the World Bank. Mr. Svein Aass, Executive Director representing Estoniaat the World Bank was present at the signing ceremony. “Having successfully implemented wide-ranging reforms since independence in 1991, Estonia’s GDP growth has averaged over 7.5 percent since 2001, a strong track record indeed. This impressive performance helped raise the average per capita income for Estonians to about US$9,100 in 2005. With its prudent macroeconomic policies and impressive advances, including in the area of e-government, the country is uniquely placed to share its experience with other economies, especially small states that still face big development challenges,” said Mr Katsu . “We greatly value our partnership with the World Bank through the economic and social transformation process. The institution played an exemplary role as a neutral broker with objective advice often in politically sensitive areas,” remarked Mr. Soerd . “Looking ahead,” he added, “we will play an increasingly active role as an emerging donor in the international community, including becoming a member of IDA. Our Development Cooperation and Humanitarian Aid Strategy for 2006-2010 is aimed at delivering on our aid commitments as a member of the European Union.” Since Estonia joined the World Bank in 1992, the Bank’s approach has been to promote good policies, strong institutions, and public investments as the main drivers for growth, increased competitiveness, social inclusion and poverty reduction. The institution has done this through analytical work, policy dialogue, and lending. Efforts to support public private partnerships were also supported in recent years, particularly in the infrastructure and health sectors. In addition to receiving analytical and advisory support from the World Bank, Estonia borrowed a total of US$150.7 million for eight operations, in the environment, infrastructure, rural and financial sectors. ### For further information on the World Bank and the Republic of Estonia, visit www.worldbank.org/ee www.riik.ee/en/ |
RSS