Strengthening ties
World Bank MD on two-day official visit to Kingston
Atwo-day visit to Jamaica by World Bank’s managing director for development policy and partnerships Mari Pangestu is expected to further strengthen relations as stakeholders meet and commit to achieving better development outcomes locally.
The visit, which commenced yesterday, marks Pangestu’s first official visit to the country and the Caribbean since assuming her new role as managing director in 2020. During her time in the country she is to meet with Prime Minister Andrew Holness, Minister of Finance and Public Service Dr Nigel Clarke and other Cabinet members to discuss additional ways for partnering and supporting efforts for green, resilient and more inclusive development. She is also expected to meet with development partners, civil society organisations, private sector leaders, and interact with young people at The University of the West Indies.
“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. 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 engagements with the private sector,” she said.
The World Bank, in boasting about its strong partnership across the country, said it currently has an active portfolio spanning some seven projects valued at over US$173 million. In March 2021, the bank through a US$185 million catastrophe bond assisted government to provide financial protection against losses from named storms up to December 2023.
Through private sector partnerships with its International Finance Corporation (IFC) subsidiary, the country is also supported with greater access to finance as it moves to deliver sustainable infrastructure. Just last month both parties signed a memorandum of understanding (MOU) to develop three key brownfield road segments or approximately 60km of roadway along the north coast corridor. These include Seacastles to Greenwood (6.8 km), Greenwood to Discovery Bay (40.7 km) and Salem to Mammee Bay (12.3 km). The investment amount for the successful completion of the project was estimated within the range of $600 million- $800 million, depending on the final design.
Together with IFC director for Latin America and Caribbean Martin Spicer, Pangestu will today join Clarke in launching Jamaica’s Country Private Sector Diagnostic (CSPD). 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 mobilise private investment and drive solutions to key development challenges.
Pangestu joined the bank with exceptional policy and management expertise oversees operations for the research and data group. Serving as Indonesia’s minister of trade and minister of tourism and the creative economy from 20042014, she also has over 30 years of experience in academia.
“We look forward to welcoming Mari to Jamaica where she can see first-hand the impact of our work aimed at improving the country’s infrastructure, human capital and spur economic growth,” commented Lilia Burunciuc, World Bank country director for the Caribbean.