World Bank Group President Jim Yong Kim has started a conversation about development and the private sector on Oxfam’s blog.
The evolving discussion isn’t so much about whether to harness the private sector to cut poverty, but how to do it.
In an Oct. 28 blog post, Kim said the Bank needs to work with many partners to help meet the goals of ending extreme poverty and boosting shared prosperity. Private sector investment “is needed to stretch scarce development resources.”
“Engaging the private sector is not about how we feel about business; it’s about how high our aspirations are for poor people. If we rely only upon foreign aid, then our aspirations are far too low.”