WASHINGTON, October 9, 2024¡ªÅ·ÃÀÈÕb´óƬ Group¡¯s Board of Executive Directors has approved the new , focused on supporting the country¡¯s immediate development priorities. Aligned with Zimbabwe¡¯s Vision 2030 and the National Development Strategy 2021-2025, the CEN contributes to the World Bank Group¡¯s mission of ending extreme poverty and boosting shared prosperity.
The CEN is structured around two pillars. Pillar 1 aims to support the country in reducing macroeconomic distortions, strengthening fiscal policies, and improving economic governance, while fostering a more conducive environment for private sector-led growth.
Pillar 2 aims to help build resilience by boosting pro-poor social services, empowering women, and delivering more efficient assistance to vulnerable households. It also supports resilience to climate change and supports the energy transition.
¡°Zimbabwe has significant growth potential, with its well-educated workforce, abundant natural resources, and strategic location. Sustained, inclusive, and resilient growth will require building on recent reforms and advances in economic policy. We look forward to supporting Zimbabwe on this path towards a more prosperous economy that benefits both its people and the broader region,¡± said Nathan Belete, World Bank Country Director for Zimbabwe.
To foster the private sector¡¯s role in this growth, the CEN will promote increased competitiveness of important economic sectors, reinforce improvements to the business regulatory environment, and support development of a more reliable electricity supply for greater productivity.
¡°Promoting private sector development through a stable macroeconomic environment, broader, more reliable energy access, and targeted support for priority sectors through this CEN will be essential for creating jobs, promoting investment, and driving economic development. We look forward to continuing to support Zimbabwe through our advisory and analytical programs to this end,¡± says Cl¨¢udia Concei??o, IFC Regional Director for Southern Africa.
Furthermore, the CEN will support strengthening of the government¡¯s social protection system through improved targeting and implementation, enabling more efficient social assistance for the most vulnerable households, especially during crises such as the current drought. It will also work to improve the quality of healthcare services, especially in maternal and reproductive health. Finally, the strategy will contribute to resilience to climate change by promoting renewable energy sources, improving landscape management, and establishing stronger disaster preparedness systems.
The CEN reaffirms the World Bank Group's commitment to supporting Zimbabwe¡¯s development priorities. It is informed by extensive consultations with a wide range of stakeholders and analytical work conducted by the World Bank Group over the past two years.
