27 Dec 2012

World Bank announces new partnership with PNG

8:42 am on 27 December 2012

The World Bank Group has announced a four-year strategy designed to support the Papua New Guinea Government's efforts to improve the livelihood of thousands of families, further its economic development and reduce gender-based inequality.

World Bank's Country Manager, Laura Bailey, says the strategy is a partnership and the World Bank and International Finance Corporarion are determined to see Papua New Guinea prosper.

She told the Post Courier paper that Institutional reforms, improved governance, and low crime and violence will help the country pursue its development goals.

She says gender imbalances also restrict efforts to progress this agenda.

Ms Bailey says they plan to target their investment at companies that generate large-scale job opportunities, particularly in agribusiness, infrastructure such as electricity and midsize PNG companies, including land-owners operations.