The economy of neighbouring Suriname is to benefit from a US$23 million loan from the World Bank Group.
The World Bank Group in a statement explained that the Competitiveness and Sector Diversification Project will finance a combination of investments to enhance the productivity more than 200 small and medium enterprises of SMEs.
The Competitiveness and Sector Diversification Project has been prepared in close collaboration with the International Finance Corporation and implementation will be carried out by the Ministries of Trade, Industry and Tourism and of Natural Resources. It aims to facilitate opportunities for growth and diversification in agribusiness, tourism, and other emerging industries, especially for SMEs which account for 98 per cent of all firms in Suriname and 60 percent of total private sector employment. Agribusiness and tourism offer competitive opportunities to attract private investment and diversify the economy. The project will also support improved governance, transparency, accountability, and administration of the mining sector, including better management of environmental and social impacts.
According to World Bank Country Director for the Caribbean, Tahseen Sayed,
“The World Bank Group will support Suriname’s efforts towards developing a more competitive and resilient economy to increase growth and boost prosperity. The project will support governance improvements in key sectors, and help create more employment opportunities for men and women in the private sector”.
This is the second World Bank financed project in Suriname, following the approval of the $30 million Saramacca Canal System Rehabilitation Project in February 2019, the World Bank release added.
