Costa Rica and the World Bank Group Renew Partnership to Promote More Inclusive and Sustainable Economic Growth

WASHINGTON, D.C., April 30, 2024 - The World Bank Group (WBG) Board of Executive Directors today endorsed the Costa Rica Country Partnership Framework 2024-2028. The priorities of this new strategy are to promote private sector-led economic growth, strengthen human capital in key areas such as education and social protection, and build resilience to social, natural, and climate shocks. The strategy also seeks to help the country tackle regional and global challenges such as migration.

"The partnership between Costa Rica and the World Bank underscores our commitment to more broad-based, sustainable growth. To preserve the country's social contract and deliver improved well-being for the population, the plan aims to drive improvements with respect to the performance and efficiency of, and equity in, essential social services in areas such as education, social protection, and the environment," saidNogui Acosta, Costa Rica's Minister of Finance.

This partnership, which is aligned with the 2050 National Strategic Plan, focuses on creating conditions that will pave the way for more and better jobs. It covers areas such as streamlined fiscal management, private capital mobilization, reduction of barriers to infrastructure and logistics development, and increased integration of small and medium enterprises (SMEs) into the export sector.

Forest conservation activities will also be continued. Furthermore, in light of the country's new environmental targets, special attention will be given to the top carbon-emitting sectors: transport and agriculture. Investments in disaster risk management are also proposed to better protect citizens, businesses, and infrastructure against natural and climate-related events.

"This plan reflects robust collaboration between the World Bank Group and the government of Costa Rica and also involves coordinated efforts with other development partners, such as the Inter-American Development Bank. It is designed around two cross-cutting themes: institutional strengthening and promoting inclusion and equity in all our interventions," said Carine Clert, World Bank Country Manager for El Salvador and Costa Rica.

The International Bank for Reconstruction and Development (IBRD) and the International Finance Corporation (IFC), member institutions of the World Bank Group, are coordinating efforts to take this agenda forward in Costa Rica. IFC is specifically contributing private sector solutions to spur investment, create jobs, and reduce inequalities.

"The private sector has an important role to play in promoting inclusion and sustainability in Costa Rica," noted Sanaa Abouzaid, IFC Regional Manager for Central America. "Through diversification and coordination with the Bank and other development institutions, IFC will continue to promote investment and advisory projects to address critical infrastructure gaps, support the inclusion of underserved segments, and improve climate change adaptation,"Ms. Abouzaid added.

The current WBG portfolio in Costa Rica includes six IBRD projects for a total of US$1,241.7 million and seven IFC projects for US$63.7 million. The WBG is also supporting Costa Rica through advisory services, research and policy analysis, and technical assistance. This collaboration has laid the groundwork for Costa Rica and the World Bank to make tangible progress in key areas of national development.

More information about World Bank's work in Costa Rica.

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