World Bank launches new strategy to help small states tackle challenges

New York [US], April 18: The World Bank on Friday unveiled a new strategy aimed at helping small island states and other small countries better address unique challenges such as remoteness, exposure to shocks and narrow economic base by focusing firmly on jobs, Reuters reported.
World Bank President Ajay Banga discussed the initiative at a closed-door gathering of ministers and central bank governors from 50 small countries held during the spring meetings of the International Monetary Fund and World Bank.
He said the ​concept was aimed at using differentiated tools to help small states attract more private investment, carry out policy and regulatory reforms to make it easier for businesses to operate and grow, and ultimately create more jobs.
It will focus on areas such as health, affordable energy, resilient infrastructure and micro- and small businesses where Bank officials see the greatest opportunities to boost growth, strengthen businesses, and create more and jobs.
The World Bank Group last year ⁠approved a record $3.3 billion in new commitments and guarantees for small states, which face unique economic challenges and are disproportionately affected by shocks, as seen during the war in the Middle East.
"For small businesses, ⁠a single hurricane, a sudden surge in imported fuel prices, or a downturn in tourism can undo months of investment and income in a matter of days," the bank said in a blog released with the new strategy.
Source: Emirates News Agency