World Bank president promises funding boost to poorest nations

2 Oct 13
The World Bank will increase its funding to fragile and war-torn states by half over the next three years under efforts to eliminate world poverty by 2030, President Jim Yong Kim said.

By | 2 October 2013

The World Bank will increase its funding to fragile and war-torn states by half over the next three years under efforts to eliminate world poverty by 2030, President Jim Yong Kim said.

Delivering a keynote speech at George Washington University in Washington DC yesterday, Kim outlined the Bank’s new anti-poverty strategy.

As well as a focus on fragile and conflict-affected nations, this would include partnership with the private sector and a bold response to issues of global importance such as climate change and the position of women and girls.

He also plans to implement better co-ordination of the Bank’s disparate arms.

‘For the World Bank Group, our strategy is based on the entire organisation working and pulling together,’ said Kim.

‘Our strategy also forces us to be selective – first, choosing our priorities and then, abandoning those activities that are not.’

Under Kim’s plans, the share of International Development Association core financing – the Bank’s fund for the poorest – going to fragile and war-torn states would increase by about 50%.

The International Financing Corporation – the Bank’s private sector arm – would also increase funding to these nations by 50%, or around $800m, over three years.

Kim noted that interest in eliminating poverty was coalescing around the globe, with political leaders, faith groups, civil society groups and young people all lending their backing to the cause.

‘This is defining moral issue of our time,’ he said.

‘Our goals are clear. End extreme poverty by 2030, share prosperity with the bottom 40%, and share it with future generations. We have an opportunity to bed the arc of history and commit ourselves to do something that other generations have only dreamed of.’

 

Did you enjoy this article?

Related articles

Have your say

Newsletter

CIPFA latest

Popular

Most commented

Events & webinars