WASHINGTON, January 31, 2023 - The World Bank Group (WBG) Board of Executive Directors today endorsed the Country Partnership Framework (CPF) for the Republic of Peru (2023-2027) which focuses on addressing three key challenges: increasing access to economic opportunities; improving access to quality public services across the country; and promoting increased resilience against the impacts of natural disasters and other shocks.
The new CPF builds on lessons from the WBG’s previous engagements, as well as on the 2022 Systematic Country Diagnostic (SCD) Update and other analyses and provides an operational framework to tackle the long-term effects of the pandemic and structural weaknesses in the economy to contribute to the country’s economic recovery, with social inclusion and equity.
The CPF focuses on mobilizing sustainable private capital and improving firm innovation and technical skills for workers; enhancing the provision of services such as health and education as well as transport, energy, and water and sanitation while also strengthening institutional effectiveness; and enhancing climate change mitigation and adaptation while strengthening mechanisms to protect people against shocks.
In line with the focus on sustainable private capital mobilization and generating more and better economic opportunities, the CPF envisions greater engagement of the International Finance Corporation (IFC) and the Multilateral Investment Guarantee Agency (MIGA). IFC will focus on improving competitiveness and productivity of export sectors, improving inclusion and access to quality financial and social services, and addressing mitigation and adaptation to climate change. MIGA will focus on supporting cross-border foreign investment for projects that enhance market development, inclusiveness, sustainability, and encourage further inflows of foreign investment.
The new Country Partnership Framework was prepared based on a comprehensive analysis of the country’s development challenges, and consultations with the government, private sector, civil society and development partners. The World Bank has an on-going portfolio of 16 operations in Peru focusing on sustainable development, infrastructure, human development, and equitable growth.
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