Current and future cooperation including lending, technical assistance and analytical advice were also discussed during talks held between Prime Minister Peter O'Neill and World Bank Group east Asia and the Pacific vice-president Axel van Trotsenburg on Friday.
The senior bank official was accompanied by the World Bank's new country manager for PNG Steffi Stallmeister.
O'Neill said the World Bank and PNG had a healthy working relationship.
"Papua New Guinea's partnership with the World Bank has been built over many years and delivers tangible outcomes for people around the nation," O'Neill said in a statement.
"We thank the World Bank for its offer to provide further technical support in areas where capacity strengthening is required.
"This includes building the capacity of the National Statistical Office for which the World Bank will provide technical assistance.
"The ongoing and expanded project in the agriculture sector is of particular value to smallholder farmers in the coffee and cocoa sectors, while other projects are also providing support for youth development and other social and economic activities."
Van Trotsenburg highlighted the dedication of both PNG and the World Bank to work to common goals for people around the nation.
"The World Bank Group and the government of Papua New Guinea share a strong commitment to improve the livelihoods of Papua New Guineans and today's meeting with Prime Minister O'Neill confirmed that," van Trotsenburg said.
"About half the current program has been committed and today we sought agreement on the potential projects that could benefit from the next $175 million in financial support."