Contacts: In Washington: Sergio Jellinek (202) 358-2841 sjellinek@worldbank.org Stevan Jackson (202) 458-5054 sjackson@worldbank.org WASHINGTON, October 31, 2007 – The World Bank Group’s Board of Directors today approved a Country Partnership Strategy (CPS) for Panama, the institution’s formal agreement with the Government for 2008 to 2010, which includes a lending envelop of $390-$465 million. The new strategy was discussed by the Board as the Bank plans to open the new office in Panama City November 1, 2007. “The World Bank is delighted that the new country partnership strategy is moving forward at the same time as we are opening a new office in Panama City,” explained Jane Armitage, World Bank Country Director for Central America. “Our aim is to be closer to our clients, and work closely with other development partners to ensure the success of the new program,” she added. New financing would be split mainly between Development Policy Lending and seven new poverty-focused investment projects. The new strategy aims to provide selective, demand driven assistance that deepens the Panama-Bank partnership and helps the Government achieve its poverty and inequality reduction goals. The CPS supports four objectives which are aligned with the pillars and goals of Panama’s 2004-2009 Strategic Vision, including: - Reduce poverty and inequality among rural the poor, especial among indigenous groups, through rural development programs and conditional cash transfer programs such as Red de Oportunidades which targets the country’s poorest people to break the generational poverty cycle;
- Promote economic growth and employment by helping to reduce the costs of doing business and improving competition through streamlined procedures, for example;
- Assist the government to modernize systems and institutions by helping the government improve its financial management systems, for example; and,
- Improve education, health and nutrition attainment for poor people through an integrated package of basic services.
“On this occasion I would like to express my sincere gratitude for the Bank’s decision to open an office in Panama,” said Héctor E. Alexander H., Minister for Economy and Finance of Panama earlier this month upon the announcement of the new Bank office in Panama. “The announcement is seen as a reflection of the good relationship between the World Bank and Panama in recent years. We look forward to the opportunity to receive Mr. de Dinechin as Country Representative, whom we have known for his excellent performance,” added Minister Alexander. “The new strategy is designed to track specific milestones and outcomes that assess the impact of Bank-financed operations,” said Frederic de Dinechin new Country Representative for Panama. “I very much look forward to working closely with the Government and various stakeholders to move the strategy forward over the next few years,” Mr. de Dinechin added. The International Finance Corporation, the World Bank’s private sector arm, will continue to focus on financial and infrastructure sectors. For more information on the World Bank’s work in Panama, please visit: http://www.worldbank.org/panama |
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