Affected by a series of global public challenges including climate change, pandemic risks, and rising fragility and conflict, the World Bank Group’s (WBG) Twin Goals of boosting shared prosperity and ending extreme poverty by 2030 look to be increasingly out of reach. Given the impact of the growing global challenges on the achievement of poverty reduction and shared prosperity, its shareholders called on WBG to enhance its development impact. COP27 reiterated the importance of MDBs increasing climate finance efforts.
The WBG Evolution Roadmap (recently endorsed at this year’s Annual Meetings) is a broad initiative to identify priorities for WBG’s evolution in its mission, financial capacity, and operating model. To meet the need for infrastructure necessary to address these challenges, WBG and other MDBs will need to mobilize large amounts of private capital (PCM) and enable private capital participation (PCE) in developing economies while respecting country development objectives.
In this context, this panel will discuss the legal aspects involved in creating these enabling legal and policy frameworks to further these objectives, including on the role of the private sector in catalyzing the foundations for PCM and PCE, and the considerations relating to the collaboration with MDBs/DFIs and other stakeholders.