WASHINGTON, July 1, 2021 – The Boards of Directors of the International Finance Corporation (IFC) and the Multilateral Investment Guarantee Agency (MIGA) have approved a new policy for the Compliance Advisor Ombudsman (CAO), the independent accountability mechanism of IFC and MIGA. The Independent Accountability Mechanism (CAO) Policy, which becomes effective today, improves effectiveness of the complaints process in projects supported by IFC and MIGA, with an increased focus on outcomes for communities and IFC/MIGA clients, and responds to recommendations from an independent external review.
World Bank Group President David Malpass: Speech at Frankfurt School of Finance and Management
You can watch the replay of the event here
Thank you, Jens. And thanks to Frankfurt School and the Bundesbank for hosting me virtually. I look forward to engaging with you and taking questions from students, who will be future business leaders in a post-COVID world. I’m here to set the stage ahead of the IMF and World Bank Group’s Annual Meetings, which will focus primarily on COVID and debt, and will also engage partners in urgent discussions on human capital, climate change, and digital development.
I would like to share publicly my thoughts on racism and the horrific events of the last few weeks. I’m aided in this by the deeply emotional and thoughtful dialogue taking place within the World Bank Group, including powerful blogs, messages, conversations and town halls.
We’ve agreed to speak out, which I will try to do though I know I won’t be able to find the right or strong enough words.
Focus on private sector and workers spearheaded by IFC to mitigate financial and economic impact of crisis
WASHINGTON, March 17, 2020 — The World Bank and IFC’s Boards of Directors approved today an increased $14 billion package of fast-track financing to assist companies and countries in their efforts to prevent, detect and respond to the rapid spread of COVID-19. The package will strengthen national systems for public health preparedness, including for disease containment, diagnosis, and treatment, and support the private sector.
Out of precaution World Bank Group events up to May have either been postponed or cancelled. We are still unclear on how the World Bank Group will proceed with events after May. In this blog post we selected the largest event messaging concerning COVID-19, The events include: 2020 IMF/World Bank Group Spring Meetings, Fragility Forum 2020, and the Land and Poverty conference.
By David Malpass, President World Bank Group
March 3, 2020
Girls are attending school in greater numbers than ever before, and women are increasingly entering the labor force and leading businesses. Although we should celebrate this progress, much work remains in order for a girl born today to have the same opportunities as a boy.
Research from the World Bank and others shows that Moreover, it is the right thing to do. Fortunately, more countries recognize that economies can reach their full potential only with the full participation of both women and men.
The World Bank Group is supporting countries in achieving this goal in important areas, including the removal of discriminatory laws, investment to close gender gaps, broadening access to finance, and stepping up efforts to prevent gender-based violence.
Global growth remains subdued, with the pace of investment and trade softening, and downside risks persisting due to policy uncertainty, trade tensions, financial volatility, and rising debt. The World Bank Group, in cooperation with the International Monetary Fund, can help emerging and low-income countries bolster potential growth, increase their resilience to shocks, boost domestic revenues, and continue building policy buffers. The two organizations have an important role to play in addressing the increase in debt vulnerabilities, and they can help countries meet a range of challenges to the international financial system, including tackling corruption.
It’s good to be back at the Peterson Institute. I’m eager to hear your views on the challenging subjects of growth and development. It’s a timely discussion, given the many immediate challenges facing the world, including Brexit, negative interest rates, trade frictions, and rising poverty rates in many developing countries. There’s a range of development issues to tackle, including barriers facing the private sector, full inclusion of women, and severe problems in health, education, the environment and infrastructure, to name several.
Thank you, Prime Minister Abe, for being such a gracious host.
It is a great pleasure to be here during the new era of Reiwa, “Beautiful Harmony.” And it’s a true pleasure that the World Bank and Japan have maintained harmony since the early 1960s, notably when the World Bank made a loan to help fund the construction of the bullet train ahead of the 1964 Tokyo Olympics. I’ll ride that train tonight as I go to Tokyo. The bullet train and Japan’s many other advances enhanced connectivity and helped lead to Japan’s fast growth and its successful graduation from World Bank lending soon after the Olympics in 1966.