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                 PERU: COUNTRY PARTNERSHIP STRATEGY FY2012-2016

                                    CHAIR’S SUMMING UP

                                  Meeting of Executive Directors

                                           March 13, 2012


      Executive Directors discussed the joint IBRD/IFC/MIGA Country Partnership Strategy
(CPS) for the Republic of Peru for the period FY2012-2016 (R2012-0025[IFC/R2012-0034;
MIGA2012-0004]).

       Directors commended the Peruvian authorities for the country’s sustained economic
growth, significant poverty reduction, and prudent macroeconomic management. Despite this
progress, they noted however, that Peru still faces the challenge of poverty reduction and
achieving greater social inclusion.

        Directors expressed broad support for the CPS and its alignment with the Government’s
program. In addition, Directors welcomed the four strategic objectives of the CPS which support
the country’s overarching objective of inclusive growth. They noted that, in addition to social
programs, the CPS includes support to increase productivity, enhance access to infrastructure,
and strengthen the public sector. Directors noted the importance of the knowledge partnership
agenda and encouraged the incorporation of lessons learned from regional neighbors during the
implementation of the CPS.

        Directors sought further clarification on the promotion of renewable energy sources and
stressed the importance of IFC’s role in supporting clean energy private sector initiatives.
Directors highlighted the need to address social conflicts between mining companies and rural
communities and suggested the promotion of socially responsible mining. They underscored the
importance of robust indicators for achieving results and urged staff to take measures to improve
the monitoring and evaluation framework. Directors also emphasized that strengthening
governance is a critical part of the decentralization process, which will enable the country to
realize its full economic potential. Directors welcomed the focus on gender as a cross-cutting
theme, but underscored the need to further address gender disparities, particularly in the health,
education, and sanitation sectors.


       Finally, Directors welcomed the strong linkages between IBRD, IFC and MIGA in their
engagement with the country. They also noted the extensive consultations with civil society and
encouraged the World Bank Group to work in partnership with the international donor
community on the ground.



*This Summary is not an approved record.