2023-10-16 17:04:55
Notably, the Bank adopted new tools that could increase its lending capacity by $157 billion over a decade: it launched a hybrid capital instrument, created a portfolio guarantee mechanism and adjusted its loan-to-equity ratio. Other measures were examined during these Assemblies, which could make it possible to go even further, such as better use of callable capital and special drawing rights, and to live on a livable planet with the opening of the Fund for global public goods to states and philanthropic organizations to encourage cross-border cooperation to address common challenges.
In his speech, Ajay Banga indicated that the Bank was currently considering time frames of 35 to 40 years in order to help countries invest over the long term in social and human capital; similarly, regarding support for the energy transition, the institution is studying the possibility of reducing interest rates to encourage countries to move away from coal.
Annual Meetings have not been held on the African continent since 1973, when Robert McNamara, then president of the World Bank, introduced the concept of “absolute poverty.” The Marrakech Assemblies are a continuation of this vision, while recognizing that the eradication of poverty cannot be separated from sustainability and protection of the planet.
The chairman of the Development Committee, a ministerial forum representing the 189 member countries of the Bank and the IMF, approved the new vision (a), emphasizing in his statement the need to redouble efforts and complete the ambitious reforms that have been initiated, in order to ensure that the institution has the financial and operational capacity necessary to “become a Bank better, bigger and more efficient.
This edition of the Assemblies took place in a particularly troubled context, with the backdrop of recent earthquakes in Morocco and Afghanistan, catastrophic floods in Libya and the escalation of violence in Israel and Gaza. These crises accentuate the threats already weighing on poor populations around the world, and the need to find urgent solutions.
When fourth ministerial round table on Ukraine, Volodymyr Zelensky called for the establishment of reliable mechanisms to stimulate private investment. “I thank everyone who supports the reconstruction of Ukraine,” the Ukrainian president said.
Several public events broadcast online and live from Marrakech brought together experts and leaders around high priority issues such as employment, human capital, the climate, gender equality or leave this. The World Bank digital zone (a) also gave Internet users around the world access to a series of daily interviews with decision-makers, civil society representatives and private sector leaders.
On the set of World Bank Live, Anna Bjerde notably returned to the factors which lead the institution to renew its strategic model : crises whose frequency is intensifying and the human cost is increasing, and which come on top of climate change, food insecurity and the rise in fragility.
” The world changes. We are witnessing a succession of crises, repeated shocks,” declared the Managing Director of the World Bank at the start of the Assemblies.
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