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World bank endorses strategy.

The World Bank Board of Executive Directors endorsed a new strategy to support the DR's efforts to broaden economic and social opportunities for citizens, reports (Sept. 26, 2014). The strategy offers a new lending program of US$550 million and advisory services over the next four years. The new strategy was jointly prepared by the DR, and the World Bank Group (WBG) comprised by the Intl Bank for Reconstruction and Development (IBRD) the Intl Finance Corp. IFC) and the Multilateral Investment Guarantee Agency (MIGA). While the DR grew at an average of 6.7% per year over the last decade, making it one of the top performers in the Latin America and Caribbean region, poverty and unemployment have remained high, with 46% of rural Dominicans living in poverty and about 30% of young people unemployed. A critical part in the strategy will be played by IFC, the largest global development institution focused exclusively on the private sector. The IFC's committed portfolio in the DR stands at US$208 million

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Publication:Caribbean Update
Article Type:Brief article
Geographic Code:5DOMN
Date:Nov 1, 2014
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