The World Bank Group's recent Annual Meetings showcased significant progress in its reform agenda and introduced a new focus on job creation. The event highlighted advancements in agriculture, gender goals, and a commitment to reducing bureaucracy.
Ajay Banga, President of the World Bank Group, emphasized the need for an institution that is "faster, simpler and more impactful" during his speech at the plenary session. He noted that there are measurable milestones such as streamlined operations and increased lending capacity.
US Treasury Secretary Janet Yellen joined Ajay and Zambia’s Minister of Finance Situmbeko Musokotwane to discuss the Bank's evolution. Yellen pointed out progress in mission, incentives, operational models, and financial capacity. Musokotwane praised the Bank for being more engaged with client countries.
The Meetings also announced ambitious targets for agribusiness and gender initiatives. The Bank aims to double its agri-finance commitments to $9 billion annually by 2030. It has also set goals under its Gender Strategy 2030 to enhance economic opportunities for women by increasing access to broadband, social protection programs, and capital.
Additional financing capacity of around $150 billion over the next decade was unveiled along with a new WBG Scorecard focused on output rather than input. Spain announced an early financial pledge of €400 million to the International Development Association (IDA), marking a 40% increase from previous commitments.
Looking ahead, Ajay outlined plans for job creation as a central aim of projects. A high-level council led by Tharman Shanmugaratnam and Michelle Bachelet met during the meetings to explore innovative solutions for generating jobs for young people in emerging markets.
Ajay concluded by stating: “The best way to put a nail in the coffin of poverty is to give people the hope, the optimism, the dignity of a job.”