World Bank develops two-year engagement note for Zimbabwe


HARARE, Feb. 28 (Xinhua) -- The World Bank is developing a new engagement note that will underpin its work in Zimbabwe for the next two years.

The World Bank revealed this in a statement Wednesday, announcing the inaugural visit of its Vice President for Eastern and Southern Africa Victoria Kwakwa to Zimbabwe starting Thursday this week.

During her visit, Kwakwa will join the launch of two core knowledge products for Zimbabwe -- the Country Climate Development Report (CCDR) and the Country Private Sector Diagnostic (CPSD) Report scheduled for this Friday.

According to the World Bank, the CCDR closely examines the interplay between development and climate change and suggests concrete priority actions to support Zimbabwe's low-carbon, resilient transition while the CPSD provides in-depth economic analyses that identify opportunities for the private sector to maximize development impact, guide future investments and inform policy reform agenda to enable private sector-led economic growth.

Kwakwa will also hold meetings with various stakeholders in Harare, the capital of Zimbabwe, on the Bank's current and future engagement in Zimbabwe, before heading to the resort town of Victoria Falls to join the United Nations Economic Commission for Africa (UNECA) Conference of Ministers of Finance and Economic Planning in Africa being held there from Feb. 28 to March 5.

The World Bank suspended its traditional financial support to Zimbabwe more than two decades ago due to debt arrears. Over the years, the Bank has only extended technical support through trust funds.

The World Bank's active portfolio in the country includes two health projects and an energy project currently under development, along with technical assistance support to such sectors including health, agriculture, poverty monitoring, social protection skills, private and financial sectors, water and tourism.

"Through targeted interventions to ensure macro-economic stability and build resilience, the Bank is committed to working with Zimbabwe to achieve its development goals," the Bank said.

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