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Economy
The World Bank unveiled a new strategy aimed at helping small island states and other small nations address the unique challenges they face, such as geographic isolation, exposure to shocks, and narrow economic bases, through a strong focus on job opportunities.
World Bank President Ajay Banga discussed this initiative in a closed meeting with ministers and central bank governors from 50 small countries, during the spring meetings of the International Monetary Fund and World Bank.
Banga affirmed that the concept aims to use diverse tools to help small states attract more private investment, implement policy and regulatory reforms to facilitate business operations and growth, and ultimately create more jobs.
The initiative will focus on areas such as health, access to affordable energy, resilient infrastructure, and small and micro enterprises, as Bank officials see greater opportunities to boost growth, business activity, and create more and better jobs.
The World Bank 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, such as those experienced during the ongoing conflict in the Middle East.
