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  • Publication
    Latin America and the Caribbean Economic Review, October 2023 - Wired: Digital Connectivity for Inclusion and Growth
    (Washington, DC: World Bank, 2023-10-04) Zambrano Riveros, Jorge Andres; Beylis, Guillermo; Maloney, William; Vuletin, Guillermo
    Latin America and the Caribbean continues to face adverse global headwinds: high interest rates, modest G-7 growth, soft commodity prices and uncertain prospects in China will all depress growth. Well-grounded policy responses have led to largely recovering employment and income losses from the pandemic and falling rates of inflation. However, the region faces the mutually reinforcing triple challenges of low growth, limited fiscal space, and citizen dissatisfaction. Expanding digital connectivity offers a possibility to make progress on all three fronts. To maximize the social benefits of connectivity as well as to ensure that it does not exacerbate spatial, educational, gender or racial inequalities, three challenges are important to address: first, expanding coverage to the remaining unconnected areas as well as improving the quality of service; second, increasing the productive use of existing infrastructure, and; third, as with any other infrastructure "hardware," investments in "software" - such as digital and traditional skills, managerial capabilities, supportive regulatory frameworks, and deeper financial markets are critical.
  • Publication
    The World Bank Annual Report 2022: Helping Countries Adapt to a Changing World
    (Washington, DC : World Bank, 2022) World Bank
    The Annual Report is prepared by the Executive Directors of the International Bank for Reconstruction and Development (IBRD) and the International Development Association (IDA)--collectively known as the World Bank--in accordance with the by-laws of the two institutions. The President of the IBRD and IDA and the Chairman of the Board of Executive Directors submit the Report, together with the accompanying administrative budgets and audited financial statements, to the Board of Governors.
  • Publication
    The World Bank Annual Report 2021: From Crisis to Green, Resilient, and Inclusive Recovery
    (Washington, DC: World Bank, 2021-10-01) World Bank
    The Annual Report is prepared by the Executive Directors of the International Bank for Reconstruction and Development (IBRD) and the International Development Association (IDA)--collectively known as the World Bank--in accordance with the by-laws of the two institutions. The President of the IBRD and IDA and the Chairman of the Board of Executive Directors submits the Report, together with the accompanying administrative budgets and audited financial statements, to the Board of Governors.
  • Publication
    MIGA Annual Report 2021
    (Washington, DC: Multilateral Investment Guarantee Agency, 2021-10-01) Multilateral Investment Guarantee Agency
    In FY21, MIGA issued 5.2 billion US Dollars in new guarantees across 40 projects. These projects are expected to provide 784,000 people with new or improved electricity service, create over 14,000 jobs, generate over 362 million US Dollars in taxes for the host countries, and enable about 1.3 billion US Dollars in loans to businesses—critical as countries around the world work to keep their economies afloat. Of the 40 projects supported during FY21, 85 percent addressed at least one of the strategic priority areas, namely, IDA-eligible countries (lower-income), fragile and conflict affected situations (FCS), and climate finance. As of June 2021, MIGA has also issued 5.6 billion US Dollars of guarantees through our COVID-19 Response Program and anticipate an expansion to 10–12 billion US Dollars over the coming years, a testament to the countercyclical role that MIGA can play in mobilizing private investment in the face of the pandemic. A member of the World Bank Group, MIGA is committed to strong development impact and promoting projects that are economically, environmentally, and socially sustainable. MIGA helps investors mitigate the risks of restrictions on currency conversion and transfer, breach of contract by governments, expropriation, and war and civil disturbance, as well as offering credit enhancement on sovereign obligations.
  • Publication
    Remarks at the Mobilizing with Africa II Event
    (World Bank, Washington, DC, 2020-10-09) Malpass, David
    David Malpass, President of the World Bank, remarked that the Coronavirus (COVID-19) pandemic and global recession are wiping out more than a decade of poverty alleviation. He focused on crisis response and supporting recovery.
  • Publication
    Remarks at the UN General Assembly High-Level Event on Financing for Development
    (World Bank, Washington, DC, 2020-09-29) Malpass, David
    World Bank Group President David Malpass provided an update on the World Bank’s development finance actions during this part of the pandemic. He spoke about the first goal in the Coronavirus (COVID-19) response was for the World Bank to take broad, fast action early and to provide large net positive flows to the world’s poorest countries. He mentioned that together with the IMF, and the World Bank Group (WBG) are making progress on debt transparency and relief. He described the IMF and WBG working to extend and broaden the debt moratorium and lay the foundations for debt reduction and would welcome the UN’s vocal support for full participation by all official bilateral creditors, including national policy banks. He also spoke about IMF and WBG working to expand fast-track Coronavirus (COVID-19) programs to include financing for the purchase and distribution of vaccines. He cautioned that the countries will also need to prepare for a different economy post-COVID, by allowing capital, labor, skills and innovation to move into new businesses and sectors. He concluded by saying that If we take action early with the large creative programs and sources of financing, we can help countries as the IMF Managing Director puts it, build forward a better and stronger, a greener, smarter and more equitable economy.
  • Publication
    Remarks at High-Level Event on Financing for Development in the Era of COVID-19 and Beyond
    (World Bank, Washington, DC, 2020-05-28) Malpass, David
    David Malpass, World Bank Group President, spoke at the United Nations high-level event on financing for development in the era of Coronavirus (COVID-19) and Beyond. He spoke about two institutions, the IMF and World Bank working closely together on financial and economic challenges, including and especially those affecting the world’s poor. He highlighted on the announcement of milestone by IMF and World Bank Group that emergency health operations approved and up and running in over hundred developing countries. He described the new support programs that, in following weeks, will help developing countries overcome the pandemic and reclaim focus on growth and sustainable development. He invited the participants of the UN event to join the efforts with additional financing. He strongly welcomed the prompt support of the G20 countries for a suspension of debt service by all official bilateral creditors, which included G20 endorsement for comparable treatment by commercial creditors. He said that the World Bank Group is supporting countries that are participating in the moratorium. He welcomed President Xi Jinping’s recent commitment to China’s full participation in the debt moratorium. He invited commercial creditors to agree on terms of reference to encourage their participation, especially given the focus of the initiative on debt relief for the IDA countries, the world’s poorest. He mentioned that the UN’s call for Multilateral Development Bank debt suspension would be harmful to the world’s poorest countries. He spoke about the recent mischaracterizations by parts of the UN regarding the World Bank Group’s involvement as an observer to Egypt, Ethiopia, and Sudan’s negotiations regarding the Grand Ethiopian Renaissance Dam. He concluded by saying that the World Bank Group now has available COVID-19 financing programs in over one hundred developing countries, and invited use of those pathways to expand the financing of the health emergency and expand the response so that we can meet the full brunt of the crisis in the world’s poorest countries.
  • Publication
    Territorial Development in Argentina: Diagnosing Key Bottlenecks as the First Step Toward Effective Policy
    (World Bank, Washington, DC, 2020) World Bank
    Argentina’s population and economic activity is highly concentrated in few places, similar to global trends. But unlike countries like South Korea, the concentration of economic activity has not been balanced by successful efforts to improve living standards across the country. How can the government reduce development gaps across the national territory while at the same time supporting growth opportunities within a context of national fiscal deficit? Using a territorial development lens that allows the identification of challenges and opportunities at the sub-national level, this report provides a framework and diagnostics to understand Argentina through three dimensions of scale, specialization, and convergence. Chapter 1 explains the territorial development framework used for the analysis. Chapter 2 provides an overview of the economic geography of Argentina and the challenges the country faces along these three dimensions. Chapter 3 presents a closer look at two provinces, Salta and Jujuy, and puts them under the same lens. Chapter 4 summarizes the key messages of the report, providing benchmarking to compare Argentina to other countries around the world in scale, specialization, and convergence.
  • Publication
    Opening Remarks at the 2019 Annual Meetings Opening Press Conference
    (World Bank, Washington, DC, 2019-10-17) Malpass, David
    David Malpass, President of the World Bank Group, highlighted the urgent priorities for discussion with shareholders. Global growth is slowing. Investment is sluggish, manufacturing activity is soft, and trade is weakening. The challenges of climate change and fragility are making poor countries more vulnerable. This backdrop makes our goals of reducing extreme poverty and boosting shared prosperity even harder. He suggested that with the right mix of policies and structural reforms, countries can unleash growth that's broadly shared across all segments of society. He spoke about how the Bank is helping countries build strong programs tailored to the unique circumstances of their economies. He highlighted the importance of education. He mentioned the proposed IDA replenishment, and reaffirmed commitment to projects on climate and on gender inclusion. In conclusion, he said that the well-designed structural reforms are needed to unlock growth and build the foundations for future prosperity.
  • Publication
    ‛Creating Markets’ to Leverage the Private Sector for Sustainable Development and Growth: An Evaluation of the World Bank Group’s Experience Through 16 Case Studies
    (World Bank, Washington, DC, 2019-04-26) Independent Evaluation Group
    The international development community acknowledges that the SDGs will not be achieved without greater participation from the private sector. Estimates for investment needs in developing countries alone range from $3.3 trillion to $4.5 trillion per year. Up to 70 percent of the investment gap could come from the private sector, according to international estimates. Engaging the private sector as a financier, operator, service provider, or innovator in the pursuit of the SDGs requires efficiently functioning and competitive markets and effective governments. Such markets only emerge when there is a sufficiently conducive enabling environment that not only addresses market failures through policy reform but also improving underperforming markets through demonstration effects, enhancing competition, innovation, integration and enhancing skills through investments and advisory services. This evaluation was designed to shed light on several key aspects of the IFC’s creating markets agenda and experience on the ground. Those key aspects include the following: (i) Identification of market creating opportunities; (ii) Channels through which IFC contributes to market creation; (iii) Results from IFC’s market creating interventions; and (iv) Success factors driving the Bank Group’s market creation results.