The big 5 multilateral development banks(MDBs) (World Bank Group, African Development Bank, Asian Development Bank, European Bank for Reconstruction and Development, and Inter-American Development Bank) collectively provided close to $100 billion in concessional and non-concessional lending in 2012 or FY13. Of late, their size, traditionally an advantage, has become something of a disadvantage. The MDBs are facing intense challenges in at least three major ways. One - criticism from academics, developing nations and others that foreign aid is detrimental for a country’s growth. Two - technology has diluted the monopolistic advantages they had (knowledge, networks, access to funding) and is leading to new models of development. As echoed by World Bank President Jim Kim, there is a "need for alignment" for development institutions in "a rapidly changing world." Three - more and more countries are shifting from demanding traditional loans to demanding knowledge and knowledge products, and development institutions are only now starting to respond to this challenge.
Let me tell you when magic happens. It transpires when few brilliant minds, optimistic hearts, energetic young people, and a fantastic facilitator meet. The Ideashop: Coding your way to opportunity organized by the World Bank in partnership with the Bangladesh StartUp Cup on June 14th at its Dhaka Office showed us glimpses of such magic. And it is only the beginning of our journey together.
Confident that the solutions to many of the challenges facing youth can come from within themselves, the World Bank and Microsoft has launched a regional grant competition in four South Asia countries – Bangladesh, Nepal, Maldives and Sri Lanka. The regional grant competition titled Coding your way to opportunity invites innovative ideas from youth led organizations and NGOs that will expand coding knowledge amongst youth and help them secure gainful employment.