The Executive Board of Directors at the World Bank has discussed the Country Partnership Framework (CPF) for the Maldives for the next five years.
CPF 2023-2027 is a newly developed policy by the World Bank to help the Maldives build a sustainable, disaster-resilient, and inclusive future. The policy is for a period of 5 years. The policy outlines the main areas of cooperation between the World Bank and its member organisations, the International Finance Corporation (IFC), and the Multilateral Investment Guarantee Agency (MIGA), which provides political insurance and access to funds.
In addition, CPF aims to achieve three main objectives. These include increasing economic opportunities and improving human resource performance, as well as increasing preparedness for emergencies and disasters. The policy was developed after an extensive review of the development challenges and opportunities through a systematic country diagnostic update of the Maldives, based on lessons learned during previous CPF implementations, and extensive consultations with stakeholders, civil society, the private sector, academics, and international partners.
Country Director of the World Bank for the Maldives, Nepal and Sri Lanka Faris Hadad-Zervos said the partnership will help the Maldives achieve its development goals and provide a sustainable, disaster-resilient, and inclusive future for the citizens of the country.
The World Bank's current programme in the Maldives includes nine projects funded by the International Development Association (IDA) and one guarantee from the International Development Association (IDA). The budget for these projects is USD178 million. The projects are in the areas of renewable energy, youth employability skills, digital technology, infrastructure development, waste management, fighting COVID-19, health and education, and social security. The World Bank is also providing technical assistance in areas such as economic assessment, finance, social security, and poverty eradication.
The Maldives became a member of the IFC in 1983, part of the World Bank Group. In the years since then, the IFC has invested more than USD200 million, including raising funds from other sources. During the past two years, the IFC has expanded its work in the country, including significant investments in financial and digital tools, supporting economic transformation, and increasing disaster preparedness.