Tuvalu Strengthens Partnership with World Bank Group to Boost Development and Resilience
A New Era of Collaboration in Tuvalu
Funafuti, Tuvalu - The Government of Tuvalu has signed an Establishment Agreement with the World Bank Group, marking a significant milestone in their partnership. This agreement aims to bolster development and resilience efforts in the small Pacific island nation, which is vulnerable to climate change and economic shocks.
Key Highlights of the Partnership
- Increased Technical Support: The World Bank Group will increase its engagement in Tuvalu, providing targeted assistance to the government and people.
- Critical Areas of Focus: The partnership will focus on areas such as economic management, education, health, and disaster resilience.
- Regional and Global Network: The World Bank’s regional and global network will be leveraged to support Tuvalu’s development challenges.
Government and International Support
Tuvaluan Minister of Finance Seve Paeniu: “The signing of this agreement marks an important milestone in our partnership with the World Bank Group. We look forward to working together to address our development challenges and build a more resilient future for our country.”
World Bank’s Commitment to Pacific Island Countries
- Decade-Long Engagement: The World Bank has been actively engaged in supporting Pacific island countries since 2010.
- Over $140 Million Committed: Over the past decade, the bank has committed over $140 million to support 13 projects across various sectors.
- Support for Small Island Developing States: The partnership with Tuvalu is a testament to the World Bank’s commitment to supporting small island developing states like Tuvalu.
IFC’s Role in Supporting Private Sector Development
- Private Sector Arm of the World Bank Group: IFC will play a key role in supporting Tuvalu’s private sector development plan.
- Unique Challenges Faced by Small Island States: The IFC has recognized the unique challenges faced by small island states like Tuvalu and is committed to working with the government to identify reforms that can improve the investment climate and promote private sector solutions.
IFC Vice President Alfonso Garcia Mora: “The private sector has a critical role to play in promoting economic growth and jobs in Tuvalu. We look forward to working with the government and our colleagues at the World Bank to support the country’s development goals.”