MercoPress. South Atlantic News Agency

World Bank Chief due in Asunción after almost 50 years

Banga is obliging a personal invitation from President Santiago Peña

World Bank Group (WBG) President Ajay Banga is due in Asunción Tuesday for a historic visit to Paraguay, the first by a man in his position in nearly 50 years since Robert McNamara’s in 1976. Invited by Paraguayan President Santiago Peña, Banga aims to strengthen bilateral ties, focusing on sustainable development, job creation, and private investment.

During his visit, he will meet with key officials, including Economy Minister Carlos Fernández Valdovinos and President Peña at the Government Palace, and participate in a discussion at the Central Bank of Paraguay (BCP) about economic development challenges and opportunities in Latin America, particularly for Paraguay.

The WBG supports Paraguay through financing and technical assistance in sectors like health, education, agriculture, transportation, and infrastructure, recognizing the country’s economic progress over the past two decades due to reforms and trade openness.

According to Paraguayan media, Banga is expected to share his vision on how Latin America -and Paraguay in particular- can position itself in the face of current challenges.

During the “Conversation with the President of the World Bank Group, Ajay Banga” at the BCP, the visiting official is to address key issues on the role of the WB in the region and the opportunities for cooperation with Paraguay in strategic areas for economic growth and poverty reduction.

The WBG has been a historic partner of Paraguay for more than 70 years in its development process, providing financing, knowledge support, assistance, and technical advice. Its current portfolio in Paraguay includes investment projects in the areas of health, education, agriculture, transportation, and infrastructure.

In its latest report on Paraguay, the WB noted the South American country's “promising future.”