WASHINGTON, May 16, 2023 — The World Bank Group Board of Executive Directors approved a new Country Partnership Framework (CPF) for Lesotho, defining the strategy of the World Bank Group in the country for the financial years 2024-2028.
The five-year CPF is structured around three high-level long-term outcomes: (i) an increase in private sector employment by improving the environment conducive to the growth of micro, small and medium enterprises in order to attract private investments to improve employment. creation, (ii) improvement of human capital results through strengthening the quality of education, health and social protection; and (iii) strengthening climate resilience by improving the management of natural resources and access to infrastructure resilient to climate change. The CPF, which draws on the lessons of the previous CPF for the 2016-2020 financial year and the conclusions of the updating the systematic country diagnosis (SCD)is well aligned with the country’s second national strategic development plan.
“The World Bank remains committed to supporting Lesotho’s development aspirations. The people of Lesotho are at the center of this new CPF, which places a strong emphasis on strengthening their resilience to social, economic and climate shocks. said Marie Françoise Marie-Nelly, World Bank Country Director for Lesotho.
A stronger private sector can help strengthen sustainable and inclusive economic growth, create jobs and reduce poverty in Lesotho. “The International Finance Corporation (IFC) has been a long-standing partner of the Government of Lesotho and its private sector, and we will leverage the new CPF to scale up our efforts to support projects that promote a conducive business environment, expand the access to financing for small businesses. businesses, improve trade facilitation and deepen value chains, “said Adamou Labara, IFC country manager for Lesotho.
“It is essential for Lesotho to attract private financing. The Multilateral Investment Guarantee Agency (MIGA) will continue to explore opportunities to use political risk insurance guarantees to promote cross-border investments in critical and emerging sectors,” said Hiroyuki Hatashima, Acting Director of Economy and Sustainable Development at MIGA.
The CPF will use innovative approaches to achieve large-scale impact by adopting “a territorial development approach” to better target and ensure synergies in poor regions and urban areas. The program will directly support governance improvements and capacity building in the public sector. Particular attention will be paid to gender equality and digitalization in all activities. The CPF reflects consultations with government, the private sector, civil society, youth and academia as well as development partners.
