The World Bank Group is advancing efforts in road safety financing and governance following the 4th Global Ministerial Conference on Road Safety held in Marrakech, Morocco. The conference gathered over 5,000 participants, including more than 100 government ministers, to assess progress and plan actions towards halving road fatalities by 2030 as outlined in the Marrakech Declaration.
Central to discussions was the World Bank’s Global Road Safety Facility (GRSF), a multi-donor trust fund established in 2006. GRSF focuses on reducing road traffic fatalities and serious injuries in low- and middle-income countries. UK Minister for the Future of Roads Lilian Greenwood highlighted GRSF's transformative work during the conference.
Supported by Bloomberg Philanthropies’ Initiative for Global Road Safety and the TotalEnergies Foundation, GRSF recently received a Prince Michael International Road Safety Award for its contributions. In Marrakech, GRSF emphasized that road safety financing, governance, and institutions are crucial to achieving Sustainable Development Goals related to road safety.
A significant challenge is bridging a $400 billion funding gap needed to meet these goals. While national budgets are increasing their contributions, they cannot cover all required investments. During the Multilateral Development Banks’ (MDBs’) Road Safety Working Group meeting at the conference, it was announced that MDBs have committed over $6 billion from 2018 to 2024 for road safety investments in low- and middle-income countries. This figure is projected to rise to $10 billion over the next decade.
To address funding gaps with innovative solutions, GRSF and the World Bank Treasury released a report titled "Financing Road Safety: Catalyzing the Sustainable Finance Market to Bridge the Gap." The report offers guidance on using sustainable finance instruments like green bonds to attract private capital for road safety initiatives.
Guangzhe Chen, Vice President for Infrastructure at the World Bank, stated: “Sustainable financing is the key to unlocking the future of road safety.” He emphasized partnerships with multilateral development banks as vital for innovative funding solutions that ensure safe roads globally.
The conference also focused on strengthening governance structures essential for effective use of investments. GRSF launched guidelines providing frameworks for improving national road safety management systems. Additionally, tools like a new Road Safety Calculator aid policymakers in data-driven decision-making.
The event marked a pivotal moment but stressed that translating commitments into action remains critical. With continued support from partners like GRSF and the World Bank, there is potential for significant progress in reducing global road deaths and injuries.