World Bank president advocates for inclusive development path
During the opening day of the World Governments Summit (WGS) 2024, Ajay Banga, President of the World Bank Group, delivered a compelling session titled “Delivering Impactful Development Results – a Conversation with the World Bank President,” shedding light on how conflicts pose a significant threat to inclusive development worldwide.
The session was graced by the presence of dignitaries including Sheikh Mohammed bin Hamad bin Mohammed Al Sharqi, Crown Prince of Fujairah, and Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, First Deputy Ruler of Dubai, Deputy Prime Minister and Minister of Finance. Banga emphasized that the instability in various countries due to conflicts remains one of the foremost challenges hindering inclusive development globally.
He underscored the World Bank’s commitment to providing access to power for 130 million people in Africa, amidst efforts to combat such challenges. In a session moderated by Dan Murphy from CNBC, Banga reiterated the crucial link between peace, stability, and prosperity. He outlined the World Bank’s collaboration with nations worldwide to empower youth and women, emphasizing the imperative of their involvement for a brighter future.
Banga articulated the World Bank’s evolving vision, prioritizing poverty eradication, environmental preservation, and climate change mitigation. He announced streamlined loan negotiation processes aimed at expediting development projects and addressing urgent needs in recipient countries. Looking ahead, Banga emphasized the Bank’s commitment to supporting primary education, agricultural development, and empowering women and youth.
He highlighted initiatives to connect millions to power grids in Africa and bolster climate change resilience through innovative strategies. Banga concluded by underlining the Bank’s future endeavors, focusing on engaging the private sector and collaborating with governments to drive sustainable development. He emphasized the institution’s dedication to enhancing expertise and fostering initiatives aimed at promoting global well-being and security.