The World Bank Group got the go-ahead on a new strategy aimed at repositioning itself to better tackle its two goals: ending extreme poverty by 2030 and boosting shared prosperity. The strategy aims to more efficiently and effectively leverage finances, technology, and talent to provide customized development solutions for client countries. In a communiqué at the close of the Annual Meetings, the Development Committee said it “strongly endorsed” the plan. The committee said the Bank Group has an important role to play “in delivering global development results, supporting countries with their specific development challenges, and helping them eradicate poverty and build resilience to future financial, economic, social, and environmental challenges.” Read the communiqué and article.
A new paper updated the Development Committee on the gender equality agenda at the World Bank Group. In the past year, all of the Bank’s country assistance strategies were “gender-informed,” and the total share of gender-informed lending rose from 83% to 98% between FY12 and FY13. This translates into a dollar figure of almost $31 billion, notes the paper.
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President Jim Yong Kim outlined his plan for a leaner, more efficient and tightly knit World Bank Group in his opening address at the Annual Meetings — and listed several ways changes would be visible to countries working with the institution. Among them: reducing by a third the amount of time a project takes to get off the ground; gathering feedback from all beneficiaries on development projects; and openly sharing knowledge and experience, including making it easy to see exactly where the Bank is working and what it is doing. “Together, we must urgently lift a billion people from extreme poverty, help them to regain dignity, help them find hope, and help them change their own lives — and the whole world’s future — for the better,” said Kim. The Development Committee discusses the Bank Group’s new strategy on Saturday.
An excited crowd greeted Malala Yousafzai, the 16-year-old whose fight for girls’ education earned her the European Union’s Sakharov prize for freedom of thought and a Nobel Peace Prize nomination this year. In an often humorous, sometimes touching conversation with President Kim and young people in the audience on International Day of the Girl, Malala talked about her life before and after an assassination attempt by the Taliban. Her cause, education, is the best way to fight poverty and should be the top priority of development institutions, she said. “I believe that when we work together, that it’s really easy for us to achieve our goals,” she said. Kim pledged $200,000 to the Malala Fund on behalf of the World Bank. Replay the webcast and read our Youthink blog.
World Bank Group President Jim Yong Kim delivered two startling facts at his Annual Meetings press briefing today: 400 million of the world’s extreme poor are children; and in 35 low-income countries, 100 million more people are living in extreme poverty — defined as less than $1.25 a day — than 30 years ago.
Both statistics are from a new report, the State of the World’s Poor, and they reveal that critical challenges remain despite historic growth and poverty reduction in developing countries in recent decades. “How can we in good conscience not do all we can to lift these children and their families out of extreme poverty?” asked Kim. “They can’t wait for progress to emerge slowly. They need our help today.”
The mood was light-hearted and lively as World Bank Group President Jim Yong Kim traded jokes with CNN’s Richard Quest in an early morning, no-holds-barred interview before a live and online audience from around the world. But Kim soon turned serious about a new target the world must meet on the road to effectively ending extreme poverty by 2030 — cutting it from 18% percent today to half that by 2020.
Can the world cut poverty in half by 2020? In a webcast interview with CNN’s Richard Quest, World Bank Group President Jim Yong Kim called for reducing extreme poverty to single digits in just seven years. The Bank Group will work with countries and the international community to reduce the number of people living under $1.25 a day to 9% of the global population, down from 18% today. The 2020 target would be an interim step on the way to cutting extreme poverty to 3% by 2030 — a goal approved last spring by the Bank Group’s 188 shareholders. Read more: Blog, Release.
Can countries tackle climate change and still grow? Yes, say the leaders of the World Bank Group and International Monetary Fund – and the need to do so is urgent.
Bank Group President Jim Yong Kim and IMF Managing Director Christine Lagarde weighed in on development and climate change in their first public discourse together on the topic, ahead of Annual Meetings with finance and development leaders this week.
The message draped across the World Bank’s Washington headquarters proclaims a noble goal – End Poverty. But how can the world achieve it? Later this week, finance and development ministers from 188 countries will weigh in on the World Bank Group’s plan to reorganize and modernize in pursuit of the goal. A new strategy paper describes how data, knowledge, financing, and talent will be leveraged to help end extreme poverty by 2030 and to ensure prosperity is more widely shared throughout society. World Bank Group President Jim Yong Kim, Chief Economist Kaushik Basu, and many other speakers will have more to say on these topics at events this week. See a schedule.
The global economy, climate change, and a new World Bank Group strategy to tackle extreme poverty will be hot topics next week. That’s when nearly 10,000 delegates, journalists and civil society representatives gather at the World Bank-IMF Annual Meetings. But you don’t have to be in Washington to take in 38 World Bank Group events that will be webcast Oct. 8-12. Several will be live-blogged or live-tweeted in multiple languages. You can also follow the conversation on Twitter with #wblive and other hashtags connected to events. We’ve compiled a sampling of events and hashtags below. Check out the full schedule or download the first-ever Annual Meetings app for Apple devices and Android smartphones.
“We have a fantastic opportunity to work together,” Dr. Kim told hundreds of investors at the 15th Annual Global Private Equity Conference, hosted by the Bank Group’s private sector arm IFC and the Emerging Markets Private Equity Association (EMPEA).
“…Private equity is going to play a critical role in whether or not we can truly have high aspirations for the 1.2 billion people living in absolute poverty in the world,” he said in a speech that was liveblogged and followed on Twitter with #wblive and #GPEC2013.