WASHINGTON, D.C., April 30, 2024 – The World Bank Group (WBG) and Costa Rica have renewed their partnership through the endorsement of the Costa Rica Country Partnership Framework 2024–2028. According to Nogui Acosta, Costa Rica’s Minister of Finance, the new strategy aims to promote private sector-led economic growth, strengthen human capital, and build resilience to various challenges.
Acosta stated, “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.”
Aligned with the 2050 National Strategic Plan, the partnership focuses on creating conditions for more and better jobs. It covers areas such as fiscal management, private capital mobilization, reduction of barriers to infrastructure development, and integrating small and medium enterprises into the export sector.
Carine Clert, World Bank Country Manager for El Salvador and Costa Rica, highlighted the collaborative efforts involved in the plan. Clert mentioned, “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.”
The International Finance Corporation (IFC) is contributing private sector solutions to promote investment, create jobs, and reduce inequalities in Costa Rica. Sanaa Abouzaid, IFC Regional Manager for Central America, emphasized, “The private sector has an important role to play in promoting inclusion and sustainability in Costa Rica. Through diversification and coordination with the Bank and other development institutions, IFC will continue to promote investment and advisory projects.”
The World Bank Group's current portfolio in Costa Rica includes various projects aimed at supporting national development. Their collaboration encompasses advisory services, research, policy analysis, and technical assistance to make tangible progress in key areas.
The partnership between Costa Rica and the World Bank Group emphasizes a joint effort towards promoting inclusive and sustainable economic growth in the country.