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Africa

Africa: World Bank Group Unveils Strategy to Drive Inclusive Growth and Resilience in Zimbabwe

todayOctober 9, 2024 1

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The World Bank Group’s Board of Executive Directors has approved the new Country Engagement Note (CEN) for Zimbabwe (2025-2026), 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.