The World Bank To Implement New Five-Year Policy In The Maldives

On Thursday, the World Bank’s Executive Board of Directors discussed a new Country Partnership Framework (CPF) for the Maldives for the coming 5 years. The new CPF 2023-2027 will see the World Bank supporting the Maldives in various endeavours, particularly in the development of an eco-friendly, disaster-resilient, and inclusive high-growth future.

The new 5-year CPF policy outlines the key areas of corporation between the World Bank and its member organizations including the International Finance Corporation (IFC) and the Multilateral Investment Guarantee Agency (MIGA). These member organizations facilitate political insurance and access to funds.

The CPF policy for the Maldives highlights three main objectives. These three targets are increased access to economic opportunities, improved human capital outcomes and increased preparedness for emergencies and disasters. In order to reach these outcomes, the CPF will strengthen the quality and reach of education and healthcare systems, promote the protection of vulnerable populations and increase efficiency and transparency in the fiscal policy.

Moreover, it will also be deploying natural resources to increase growth while safeguarding natural assets and will invest in new cutting-edge digital technologies that improve service delivery and open new doors to youth and women.

The policy was formulated after a meticulous review of the development challenges and opportunities present in the Maldives via the World Bank’s systematic country diagnostic update. The country diagnostic update takes into account inadequacies in previous CPF implementations, and consultations provided by stakeholders, civil society, the private sector, academics and its international developmental partners.

The Country Director for the region, Faris Hadad-Zervos stated “Our new Country Partnership Framework with the Maldives reflects the close collaboration and consultation with the government, civil society, development partners, and other stakeholders in the country. We believe this partnership will support the Maldives in achieving its development goals and building a green, resilient, and inclusive future for all Maldivians,” 

The Maldives is currently undertaking 9 projects in the country directed by the World Bank’s previous programme. The projects are funded by the International Development Association (IDA) and one guarantee from IDA and are budgeted at USD 178 million.