The Board of Executive Directors of the World Bank yesterday approved the new Country Partnership Framework (CPF) for the period from 2016 to 2020 to support the faster implementation of reforms in Bosnia and Herzegovina, which builds on twenty-year-long partnership between B&H and the World Bank.
The World Bank stated that the CPF arrives in a critical moment for B&H, when the Council of Ministers, the Republika Srpska Government and the FB&H Government launched the implementation of the jointly agreed Reform Agenda.
It was pointed out that during last year B&H again started achieving progress in terms of accession to the EU, which provides a natural basis for consolidated support by the international community.
Director of the World Bank for Western Balkans Ellen Goldstein stated that the consensus on priorities of the Reform Agenda provides a solid foundation to the implementation of structural reforms, and that the new CPF with the World Bank will include analyses, counseling and financing for acceleration of reforms director towards recovery of economic growth.
The Head of the World Bank in Bosnia and Herzegovina and the main author of CPF Tatiana Proskuryakova said that the general aim of the new strategy is to support Bosnia and Herzegovina on the path towards achieving larger growth and support the creation of new workplaces in private sector.
The CPF foresees around $750 million of new loans from the World Bank in the period of the coming four years, depending on the scope and course of the implementation of reforms.
It was also pointed out that private investors in B&H can obtain means from the International Finance Corporation (IFC) ranging between 70 and 120 million dollars, depending on the demand and market conditions, as well as the warrantee by the Multilateral Investment Guarantee Agency (MIGA).
Regional Head of IFC for Western Balkans Thomas Lubeck stated that the IFC will continue providing support to the private sector through investments and counseling activities in order to stimulate the economic growth and creation of workplaces in B&H.