Distinguished Colleagues,
I am pleased to have the opportunity to address you today. On behalf of the World Bank Group, I want to thank the China International Development Cooperation Agency for organizing this conference and the Asia Infrastructure Investment Bank (AIIB) for hosting this session.
The World Bank Group, as a multilateral institution, has international cooperation at its core and we support this forum’s efforts to enhance Global Action for Shared Development.
We welcome China’s efforts to participate and strengthen global development cooperation – through its launch of the Global Development Initiative, its membership of the World Bank Group, and leadership of institutions such as the Global Development Promotion Center, and the Multilateral Cooperation Center for Development Finance, among others.
China is a key partner in international development cooperation: its own economic transformation effort offers experiences for developing countries. As the largest multilateral development institution of global reach, we are privileged to be part of China’s development journey and are now drawing and sharing experiences from China’s development path.
At the World Bank Group, China has advanced from a recipient of assistance, receiving around $88 billion in financing, to be also a donor itself. China is now one of the largest bilateral creditors to low- and middle-income countries.
This year’s replenishment of the World Bank’s International Development Association (IDA) is taking place at a time when development progress in the poorest countries has been disrupted. The crises of the past five years have reduced the growth of IDA countries to the lowest level since the early 1990s. These countries are also most vulnerable to global challenges such as climate change.
In this context, global cooperation to support the poorest nations is of critical importance. The World Bank Group can play a key role to anchor global action using our worldwide presence and membership to bring stakeholders together, leveraging their financial contributions and channeling them to where support is most needed.
To achieve faster and more impactful development results and address global, regional, and country-level challenges, multi-sector support is essential. As part of our Evolution Roadmap and broader efforts across diverse sectors, we launched six Global Challenge Programs in energy, food, water, forests and biodiversity health emergencies; digital. These programs employ replicable scalable approaches will benefit from global partnerships.
In addition we introduced new financial instruments designed boost lending capacity enable World Bank Group take on more risk shared global challenges. These include Portfolio Guarantee Platform hybrid capital mechanism new Livable Planet Fund all which have received significant endorsement from shareholders.
IDA's highly concessional resources remain critical enable poorest countries invest future while maintaining debt-sustainability In addition financing also need support poorest countries through more knowledge sharing capacity building technology transfer
While World Bank Group can catalyze global action cannot do alone This why intensified efforts build partnerships engage stakeholders both public private May 2024 launched first One World Bank Group Partnership Charter which affirms institution long-term commitment partnerships highlights principles underline work external partners reinforces vision partner aspire be
Over past year formalized partnerships other development institutions working harmonize policies procedures signed MoUs several Multilateral Development Banks MDBs bilateral development partners including AIIB AIIB already largest co-financing partner globally addition April year World Bank Group together other nine MDBs launched new co-financing platform
We also strengthening cooperation private sector Last year World Bank Group mobilized $41 billion private capital emerging markets raised another $42 billion private sector through bond issuance
These partnerships extend beyond co-financing include greater knowledge sharing capacity building technology transfer We should remember developing economies also offer valuable insights experiences positioning them key knowledge partners
Today’s global development challenges only solved if work together across countries across institutions across public private sectors Together end extreme poverty boost shared prosperity livable planet
In spirit we at World Bank Group pleased join today wish successful discussions Thank you
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