September 29, 2023

Market and Financial News

Market and Financial News Aggregator

World Bank’s new boss must push ahead on reforms, fight poverty-French minister

2 min read

 – France’s development minister said on Thursday she will tell the World Bank’s expected next president, Ajay Banga, to maintain the bank’s anti-poverty mission while forging ahead with next steps by October in its evolution to fight climate change and other global crises.

Chrysoula Zacharopoulou told Reuters in an interview that she wants Banga, the former CEO of Mastercard, to use an international finance summit in Paris to develop ideas and plans for expanding climate finance and harnessing private sector funds.

Ms. Zacharopoulou, a Greek-born gynecologist and former European Parliament member who was appointed France’s Minister of State for Development, Francophonie and International Partnerships 11 months ago, is due to meet with Banga on Friday during World Bank and International Monetary Fund meetings in Washington.

“What I am going to tell him – or what I’m going to encourage him – is that he will have our support in his mission to finalize an ambitious reform of the World Bank by Marrakech, using the June summit in Paris like an important step,” Ms. Zacharopoulou said, referring to the World Bank and International Monetary Fund annual meetings in Morocco in October.

“This is the first thing. The second is that we have to continue to fight extreme poverty,” she said. “That means the poorest countries and their populations have to remain at the center of the agenda of the World Bank and of all of us.”

France on June 22-23 is hosting the “Summit for a New Global Financial Pact,” which aims to boost crisis financing for vulnerable countries in the Global South.

Ms. Zacharopoulou said the conference would focus on ways to create innovative new financing resources for climate change, public health, biodiversity and other public goods and to build political momentum for changes beyond a $5 billion annual lending increase adopted this week by World Bank shareholders.

 

DE-RISKING INVESTMENTS

Ms. Zacharopoulou said…

BusinessWorld

2023-04-13 23:21:34

All news and articles are copyrighted to the respective authors and/or News Broadcasters. VIXC.Com is an independent Online News Aggregator


Read more from original source here…

About Author

Leave a Reply

Copyright © All rights reserved. | Newsphere by AF themes.