WASHINGTON, USA (CMC) — The World Bank says it has discussed a new country engagement note for Guyana for the next two years to strengthen climate resilience, improve education quality and lay the ground for private sector development.

“We must ensure that we make the very best choices possible to take advantage of our natural endowments to create a more cohesive and prosperous society on behalf of the people of Guyana,” said Guyana’s Finance Minister Winston Jordan.

“This renewed partnership with the World Bank is a sign of the Government’s commitment to fighting poverty and climate change,” he added.

The World Bank said that with the fall of commodity prices, severe drought affecting the region, and the end of the oil-for-rice programme, Guyana’s economic growth has slowed down from five per cent growth in 2013 to three per cent in 2015.

It said the economy is forecast to expand by four per cent annually over the next two years, assuming that global commodity prices will not drop any further.

“To boost competitiveness in the country, it is essential to tackle climate risks, generate the skills needed for the jobs of tomorrow, and create the right business ecosystem,” said World Bank’s Country Director for the Caribbean Sophie Sirtaine.

“This marks an important step in our engagement with Guyana to help build an inclusive and green economy.”

The World Bank said that as Guyana is finalising its national development strategy, it has agreed with the Government to focus on three priorities.

Regarding building resilience to natural disasters, The World Bank said Guyana is one of the most vulnerable countries to climate change.

“Nearly 90 per cent of Guyana’s population lives in the narrow coastal plain, largely below sea level. Specifically, the projects will continue improving flood preparedness through improved hydro-meteorological monitoring and the rehabilitation of critical infrastructure to reduce the risk of flooding in the East Demerara coast.”

It said regarding education, Guyana has made progress in achieving universal primary education, but learning remains an issue across grade levels.

Student learning achievement in secondary education show that only 50 per cent pass mathematics and 70 per cent pass English in 11th grade.

To improve education quality from early childhood to university, the World Bank said it will help strengthen the University of Guyana through curriculum improvements, teacher training in mathematics, and a pilot technology-assisted learning in mathematics.

It will also provide early childhood education support to all nursery and grade one classes in the hinterland regions and targeted remote areas.

On the issue of the private sector development, the World Bank said it would focus on strengthening the financial infrastructure and the business regulatory environment to support the Government’s efforts to promote private sector growth and access to finance.