World Bank unveils new country partnership strategies for Republic of Congo

The Board of Executive Directors endorsed a new World Bank Group five-year Country Partnership Framework to support Republic of Congo’s development objectives for 2020-2025. It aims on strengthening economic management to improve private sector development and job creation, as well as building human capital to promote inclusive and sustainable growth.

“This new strategy is about supporting the Republic of Congo in achieving the needed economic reforms to provide better opportunities and services for all its citizens. Our engagement will focus on fewer but larger, more ambitious and impactful projects. Our partnership will focus on promoting economic diversification and will also include projects on women’s empowerment and the digital economy,” the World Bank Country Director for the Republic of Congo, Jean-Christophe Carret opined.

The performance of the Republic of Congo on human capital is quite below the average for lower middle-income countries. A child born in Congo today will be 42 percent as productive as she could be if she enjoyed complete education and full health in early years. With the commodity boom, the country experienced steady economic growth, over 5 percent annually between 2004 and 2014.

Now the country is reflecting signs of recovery after the economy contracted for two years on the back of low oil prices. However, inequality continues to remain high and over 35 percent of the population was living in poverty in 2016.

“The private sector plays an important role in creating jobs and growth in emerging economies like the Republic of Congo. The new strategy aims to help mobilize private sector investment and innovation to support the Republic of Congo’s government in achieving its development goals,” IFC’s Director for West and Central Africa, Aliou Maiga cited.