The World Bank (IBRD and IDA) along with a number of development partners such as the European Union (EU), the African, Caribbean and Pacific Group of States Secretariat (ACP), and the Governments of Austria, Switzerland and Norway (which joined CIIP in December 2014) recognize the potential of competitive industries and innovation approaches for creating sustainable jobs so needed by developing countries.

Together, they formed a multi-donor partnership, the Competitive Industries and Innovation Program (CIIP), in an effort to provide valuable support to high potential country initiatives, and to expand the global knowledge frontier on “how to” effectively design and implement competitiveness strategies as part of a new and emerging growth paradigm.

CIIP aims to enhance economic growth, propel the creation of jobs, and maximize client countries' capacity to design and implement pro-growth investments by helping shape public policies and by helping design investment programs that promote competitiveness and innovation within and across industries.

CIIP envisions for its interventions to significantly alter country economic and job growth prospects by supporting transformational projects. To do this, CIIP resources are channeled by the World Bank Group (IBRD, IDA along with IFC) teams that are supporting governments to develop and implement policy reforms and public investment programs. 

The CIIP is implemented as two World Bank-executed trust funds. The Multi-Donor Trust Fund, supported by the governments of Austria and Switzerland as well as well as the EU, was established on November 15, 2012. Norway joined CIIP in December of 2014 with contribution to the MDTF.  The Single-Donor Trust Fund, financed through the EU European Development Fund (EDF) and hence with the specific geographic focus on the African Caribbean, and Pacific states, was established on July 18, 2013.

As Trustee and Administrator for both the funds, the World Bank is responsible for program development, implementation, and monitoring and evaluation.  The World Bank also hosts a small Secretariat that provides support to the CIIP Steering Committee.

CIIP resources are leveraged through World Bank (IBRD) and International Development Association (IDA) lending operations and International Finance Corporation (IFC) investment activities (all members of the World Bank Group), and also complemented by private sector resources. The CIIP projects seek to tackle both market and governance failures that hinder firms from competing in global markets.