For over 70 years, the World Bank Group has successfully raised funds in the capital markets to invest in development projects. Through its arm for middle-income countries, the International Bank for Reconstruction and Development (IBRD), the World Bank Group funded public sector projects like roads, green energy, health or education systems; and through the International Finance Corporation (IFC), it provided capital to the private sector in developing countries to help businesses grow and provide jobs, taxes and other wider societal benefits.
This year, World Refugee Day finds me in Addis Ababa with representatives from more than 50 governments to review the work of the International Development Association (IDA), the arm of the World Bank Group that provides financing to the poorest countries, and discuss priorities for the years ahead.
Ethiopia is among the countries that is taking major steps forward. Here, for example, we have supported the government in adopting a new legal framework for refugees which will allow them to gradually move out of camps, find jobs, and access education and health services. This is no small measure for the more than 900,000 refugees who are hosted along Ethiopia’s borders with Somalia, Eritrea, Sudan, and South Sudan. It is the difference between having a chance to restart their lives or be condemned to dependency and destitution.