World Bank's Vice President Visits Central America

WASHINGTON D.C — The World Bank´s Vice President for Latin America and the Caribbean, Pamela Cox, is visiting Central America this week. During her trip, Cox will discuss ways to support the region in its fight against the financial crisis that has been triggered by the global economic turmoil.

In her visit to Guatemala and Costa Rica, Cox will hold meetings with top level officials, including the President, with an agenda emphasizing the Bank's support to mitigate the crisis’ impact on the people, especially the most vulnerable groups.

“In this visit we want to discuss the ways through which the World Bank can continue supporting both countries in order to link short-term assistance with long-term goals regarding increased equity, based on recovering a sustained economic growth”, said Cox.

Tha Bank's official will also take the opportunity to present a poverty assessment report in Guatemala that reveals “an improvement in the social indicators of poverty”.

Cox will meet President Álvaro Colom and Minister of Finance, Juan Alberto Fuentes, and will review World Bank funded projects in the country.

Through the Country Partnership Strategy (CPS), the World Bank has committed resources for US$970 million during the next three years.

For the fiscal year ending June 2009, the multilateral institution is expected to almost triple its loan portfolio in Latin America –about US$13 billion– to help its economies mitigate the impacts of the financial crisis. More than US$2 billion are directly allocated to programs that support those in most need, including conditional cash transfers to improve access to health care and education services.

In her visit to Costa Rica, from February 11 to 13, Cox will meet President Oscar Arias and Minister of Finance Guillermo Zúñiga to discuss the financial crisis in the Central American country and offer the Bank's assistance.

The multilateral institution approved last year a Country Partnership Strategy that projects investment support by US$272 million in the next three years. The Bank also recently approved a US$65 million loan for a catastrophe emergency fund.

During her stay in Costa Rica, Cox will present the outcome of a report on how climate change is impacting the region. “Low Carbon High Growth, Latin American Responses to Climate Changes” suggests a cooperation framework for a less carbon-intensive development.