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Ajay Banga headshot
Ajay Banga headshot

Remarks by World Bank Group President Ajay Banga at the 2024 Annual Meetings Plenary

"Again, we find ourselves at a similar crossroads, where reconstruction is at the forefront due to wars in Europe, the Middle East, and Africa. The lessons from the past have uniquely equipped us to rebuild from today's conflicts.”

OMBC

Online Media Briefing Center (OMBC) news for accredited journalists

Highlights

COP29 Baku entrance
Nov 12, 2024

Multilateral development banks (MDBs) today issued a joint statement at COP29 in Baku outlining financial support and other measures for countries to achieve ambitious climate outcomes. MDBs estimate that by 2030, their annual collective climate financing for low- and middle-income countries will reach USD 120 billion, including USD 42 billion for adaptation, and MDBs aim to mobilize USD 65 billion from the private sector.

Farmer in field
Nov 12, 2024

In response to feedback from countries, the World Bank’s Climate Resilient Debt Clause (CRDC) now covers all natural disasters, including droughts, floods and health emergencies like pandemics. Previously, two types of natural disasters— tropical cyclones and earthquakes—were eligible under the CRDC, which allows eligible countries to defer principal and/or interest repayments on IBRD and IDA loans for up to two years.

Commodity Markets Outlook -- cover
Oct 29, 2024

Global commodity prices are set to tumble to a five-year low in 2025 amid an oil glut that is so large that it is likely to limit the price effects even of a wider conflict in the Middle East, according to the World Bank’s latest Commodity Markets Outlook. Even so, overall commodity prices will remain 30% higher than they were in the five years before the COVID-19 pandemic.

Ajay and Japan signing
Oct 25, 2024

The guarantee falls under a new Portfolio Guarantee Platform with leveraging ability that allows Japan’s $1 billion commitment to enable new funding of $6 billion over 10 years. The platform permits shareholders with high credit ratings to step in if a borrower fails to pay back a loan from the International Bank for Reconstruction and Development (IBRD), a member of the World Bank Group.

International development Association logo
Nov 07, 2024

The Government of Poland has pledged to increase its contribution to the World Bank’s IDA by 100% compared to its previous IDA contributions, demonstrating its continued dedication to international development.

Climate Adaptation report cover with text
Oct 31, 2024

1.2 billion people face life-changing risks through exposure to at least one critical climate hazard, such as heatwaves, flooding, hurricanes, and drought. However, a new report from the World Bank Group outlines how faster development and sustainable economic growth can reduce climate change-related economic and quality of life losses.

women working on personal computers
Oct 24, 2024

The World Bank Group today took the first steps toward implementing Gender Strategy 2030, announcing a set of actions and concrete goals that aim to boost economic opportunities for more women.  The targets, unveiled at a flagship event during the 2024 World Bank Group Annual Meetings, will focus on use of broadband, social protection, and access to capital.

International development Association logo
Oct 24, 2024

This is a 37% increase compared to the previous IDA replenishment cycle and underscores Spain’s continued commitment to sustainable development worldwide. This raises Spain’s total contribution to over €5 billion since IDA’s creation. The announcement was made on the sidelines of the World Bank Group-IMF Annual Meetings and comes weeks ahead of the final 21st replenishment (IDA21) meeting in December.