WASHINGTON, March 31, 2009 - The following project was approved today by the World Bank’s Board of Executive Directors: IBRD Loan: US$100 million equivalent Terms: Maturity period = 20 years; Grace = 5 years Project Description: The project will support the third year of the medium-term program designed to respond to two major challenges: (i) the “triple trade shock” of trade preference erosion in sugar and apparel and high oil prices; and (ii) the transition from low wage, low skill sugar and apparel exporter to innovative, knowledge and skill based services economy. The reform program aims at returning the economy to a higher growth path and making it more competitive, flexible and adaptable by: (a) fiscal consolidation and improving public sector efficiency; (b) enhancing trade competitiveness; (c) improving the investment climate; and (d) widening the circle of opportunity through participation, social inclusion and sustainability. Media Contact Rachel McColgan-Arnold (202) 473-2588 rmccolgan@worldbank.org For more information, please visit: http://web.worldbank.org/external/projects/main?pagePK=64283627&piPK=73230&theSitePK=40941&menuPK=228424&Projectid=P112369 |
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