As Prepared for Delivery
Thank you for the kind introduction.
For me, this moment marks the culmination of a journey that began over a year ago—when I first started at the World Bank and promised to visit every region where we operate.
It’s a journey that has taken me across the globe, from Latin America to Africa, Asia, the Middle East, and now to the Pacific. This tour was about much more than just visiting countries; it was about listening, learning, and reimagining how the World Bank can serve a world in profound need of change.
Our mission was to write a new playbook for the World Bank Group—one that is fit for today’s challenges and the uncertainties of tomorrow.
But our work has only just begun.
Last week’s visit to the Pacific Islands—the first of many I’m sure—is critical to that effort. It is a region on the frontlines of many of the crises we are working to address. A region that may seem remote – but with experiences and struggles and ambitions – that are close to home for many.
At the World Bank, we see these global challenges as intertwined – climate change, inequality, and fragility. We understand that the challenges of the Pacific Islands are a microcosm of forces playing out around the globe.
Between my first trip to Peru on to this final visit to Tuvalu, I have visited 27 countries on six continents and met with leaders of developed and developing economies alike. I was able to speak with civil society stakeholders, business leaders, experts in climate, development, and finance. Most importantly I had the privilege to see firsthand how people are benefiting from the work of the World Bank.
Each stop has reaffirmed several truths.
Though aspirations of people around the world are universal, we live in a world of greater polarization and extremes. While countries are facing a shared set of intertwined challenges they are experiencing them differently. And though countries appreciate the work the World Bank has contributed to their development goals, they need more and require us to be faster, simpler, and more impact-oriented.
Over the past year, we have advanced a set of reforms – many informed by the G20 Expert Group – aimed at making The World Bank Group better bigger and more effective. Pulling from exceptional people across this institution to deliver quality assistance in all its forms—knowledge capacity building policy dialogue—and finance targeting The World Bank’s mission operational model (speed and simplicity)and financing capacity.
We are advancing this evolution at pace. Already:
We’ve expanded our mission: To create a world free of poverty on a livable planet.
Shortened our project-approval process by three months aiming further reductions.
Integrated operations as “One World Bank” in 20 pilot countries removing bureaucracy breaking down silos freeing up client capacity approaching challenges collectively.
Found new ways stretching our existing balance sheet leading $120 billion additional lending next decade.
Overhauled Knowledge Bank structure anchored five verticals—people planet prosperity infrastructure digital each clearly defined expertise bringing knowledge experts forefront country-driven model Country Partnership Frameworks creating bankable projects implementing providing capacity client governments welcomed Pacific leaders.
Rebuilt focused corporate scorecard moving 150 items 22 driving institution toward impact giving shareholders clients taxpayers clear view delivered impact.
As direct result these reforms The World Bank Group path delivering greater scale greater impact enabling ambitious projects seamless institutional cooperation aiding development journeys.
Some early signs ambition evident:
Committed deploying 45% funds climate half mitigation half adaptation by 2025 In Pacific region 97% climate financing adaptation targeted quality affordable health care1 .5 billion people by2030 Work displayed Fiji expanding access medical facilities telehealth community health workers executing action plan cleaner stable affordable energy300 million Africans by2030 expanding social protection programs alleviating hunger half billion people2030 aiming women beneficiaries excited changes place clear-eyed scale challenges working secure significant replenishment International Development Association–IDA–Lowy Institute paper last week critical development stability Pacific Islands shareholders like Australia making hard budget decisions tradeoffs hope remember magic IDA lifeline unique multiplying donor dollar four times best deal development knowing alone won’t provide trillions required annually climate fragility education hunger alleviation healthcare inequality producing jobs absorbing1 .2 billion young emerging markets entering workforce next decade job market projected offering spots420 million leaving nearly800 million without clear path prosperity requiring all shoulders wheel–governments philanthropies multilateral banks closing financing jobs gap private sector ingenuity speed resources generating investment demand recruiting15 leading CEOs including Shemara Macquarie Noel HSBC Hironori Mitsubishi Chandra Tata Dilhan Temasek finding solutions increasing private investing renewable energy emerging markets implementing feedback launching dedicated initiative generating jobs led Presidents Tharman Singapore Michelle Bachelet Chile leading group business leaders civil society academics meeting Annual Meetings October designing strategy creating youth jobs focusing energy infrastructure agribusiness health tourism beginning additional reforms underway greater ambition horizon ultimately reflecting ambition generosity relies progress achieving demands more