Today, 99 percent of the population uses electricity as their main source of lighting, up from 14 percent in 1993. However, economic growth is putting increasing pressure on Vietnam’s infrastructure. Freight volumes are expanding rapidly. Road traffic has increased by an astounding 11 percent annually and the demand for energy is expected to grow by about 10 percent per year until 2030.
Public Sector and Governance
investment in quality, sustainable infrastructure helps finance the transition towards a low-carbon, more environmentally friendly economic model. This happens notably in the renewable energy and low-emission transport sectors. Given the scale of resources needed to address the infrastructure investment gap, mobilizing the private sector for this goal has become imperative, especially in countries where financial transactions in banking and capital markets follow Islamic law (or shari’ah) principles.
They define an asset-oriented system of ethical financial intermediation built on the principles of risk-sharing in lawful activities (halal) rather than rent-seeking gains. This “entrepreneurial” approach by investors requires a high degree of transparency and creates incentives to monitor projects more carefully, which, in turn, strengthen the efficiency in building and operating infrastructure.
By some estimates it could cost as much as $4.5 trillion a year to meet the Sustainable Development Goals (SDGs), and obviously, we will not get there solely with public finance. And there’s the rub: Countries will only meet the SDGs and improve the lives of their citizens if they raise more domestic revenues and attract more private financing and private solutions to complement and leverage public funds and official development assistance. This approach is called maximizing finance for development, or MFD.
The program of events at the just concluded 2017 World Bank-IMF Annual Meetings was rich, and covered a range of topics instrumental to the World Bank Group’s work.
However, the event closest to my heart was on the role national development banks (NDBs) can play to close the staggering financing gap needed to reach the Sustainable Development Goals, nicknamed going “from billions to trillions” of dollars.
Since the SDGs were announced, the international development community has been looking at ways to tap into new funding venues, attract the private sector and build relevant private-public sector partnerships.
Today, the region still sees an average rate of 24 homicides per 100,000 inhabitants—more than twice the World Health Organization (WHO)’s threshold for endemic violence.
In Latin America, the homicide rate for males aged 15-24 reaches 92 per 100,000, almost four times the regional average. Young people aged 25-29 years, predominately males, are also the main perpetrators of crime and violence, according to an upcoming World Bank report.
Endemic violence also translates into less productivity, poorer health outcomes and high security costs. The cumulative cost of violence is staggering—up to 10% of GDP in some countries—with negative long-term consequences on human, social, economic, and sustainable development.
The good news is that violence can be prevented. For example, cities like Medellin in Colombia and Diadema in Brazil have dramatically reduced homicide rate over the last few decades, thanks to tailored solutions backed by robust data analysis and a “whole-of-society” approach.
In this video, we will discuss why violence is an important development issue, how countries and cities can effectively fight violence and crime, and what the World Bank and its partners are doing to ensure security and opportunity for all—especially youth and the urban poor.
- Feature story: Urban Violence: A Challenge of Epidemic Proportions
- Feature story: Violence in Latin America: An epidemic worse than Ebola or AIDS?
- Blog post: Obstacles to development: what data are available on fragility, conflict and violence?
The most important word in "public policy" is "public" — the people affected by the choices of policymakers.
But who are these people? And what do they care most about? Policies evolve as the concerns of generations change over time. Regardless of whether you are generation X, Y, or Z, people want the same things: prosperity and dignity, equality of opportunity, justice and security.
Panama, already projected to be Latin America’s fastest-growing economy over the next five years, was the big winner when the expanded canal opened its locks on June 26. New port projects and related logistics hubs are in the works to attract global manufacturers and further enhance the country’s competitiveness.
By 2030, almost 60 percent of 8.3 billion people will live in cities, according to UN estimates.
Almost 1400 of the world’s cities will have half a million or more inhabitants.
Cities can connect people with opportunities, incubate innovation and foster growth, but they require urban planning, infrastructure, transport and housing.
Embracing cultural diversity, especially through the preservation of cultural heritage assets, also brings tangible economic benefits. Preserving or repurposing historic landmarks in downtown cores, for instance, can make cities more vibrant, attract new firms, and foster job creation. In addition, the preservation of cultural assets plays a key part in supporting sustainable tourism, a sector that has significant potential for reducing poverty in both urban and rural settings.
On this World Day for Cultural Diversity for Dialogue and Development, Ede Ijjasz and Guido Licciardi tell us more about the role of culture and its importance to the World Bank's mission.
If you want to learn more about this topic, we invite you to discover our latest Sustainable Communities podcast.
For the first time in history, the number of people living in extreme poverty has fallen below 10%. The world has never been as ambitious about development as it is today. After adopting the Sustainable Development Goals and signing the Paris climate deal at the end of 2015, the global community is now looking into the best and most effective ways of reaching these milestones. In this five-part series I will discuss what the World Bank Group is doing and what we are planning to do in key areas that are critical for ending poverty by 2030: good governance, gender equality, conflict and fragility, creating jobs, and, finally, preventing and adapting to climate change.
Twenty years ago, the World Bank took up the fight against corruption as an integral part of reducing poverty, hunger, and disease. The decision was groundbreaking then and remains valid today. Corruption diverts resources from the poor to the rich, leads to a culture of bribes, and distorts public expenditures, deterring foreign investors and hampering economic growth.
- domestic resource mobilization
- Development Finance
- international development association
- Public Sector and Governance
- The World Region
- South Asia
- Middle East and North Africa
- Latin America & Caribbean
- Europe and Central Asia
- East Asia and Pacific
- Cote d'Ivoire