Tag Archives: President

World Bank Group Guarantee Platform Goes Live

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Platform will revolutionize the landscape of development financing

WASHINGTON, July 1, 2024 – Starting today, the World Bank Group (WBG) guarantee platform is open for business. The platform, housed at the Multilateral Investment Guarantee Agency (MIGA), brings together products and experts from the World Bank, International Finance Corporation (IFC), and MIGA for simplicity, efficiency, and speed. It aims to boost WBG annual guarantee issuance to $20 billion by 2030.

WBG Guarantees will serve as a one-stop-shop for all WBG guarantee business, providing the best guarantee solutions for clients to meet project needs and development priorities. WBG clients can now choose from a simplified market-friendly menu of guarantee options. The platform will provide three types of coverages: credit guarantees for loans to the public or private sector; trade finance guarantees for trade finance projects involving public entities; and political risk insurance against non-commercial risks for private sector projects or public-private partnerships.

“MIGA is excited to host and begin the operationalization of the guarantee platform. This marks a pivotal moment in our commitment to sustainable economic development,” said Hiroshi Matano, MIGA Executive Vice President. “We aim to leverage the World Bank Group’s collective expertise and knowledge of guarantee business to usher the WBG into a new era of partnership with the private sector, catalyzing foreign investment in emerging markets and developing economies.” 

A major priority during the WBG’s recent evolution process was enabling and catalyzing private capital flows, underscoring the effectiveness of guarantees. The G20 Independent Expert Group’s report on Strengthening Multilateral Development Banks called for expanded use of guarantees to mitigate risk and unlock private finance. And the Private Sector Investment Lab, launched by the WBG in June 2023 to identify barriers and solutions for private sector investment in emerging markets, provided specific guidance on using guarantee instruments.

The platform’s transformative solution is set to revolutionize the landscape of development financing, revitalizing the role of guarantees in development and aligning with the overall effort to mobilize private capital for development. It complements the World Bank’s country-level support in creating an environment supportive to private capital mobilization. This collaboration is supported by IFC’s advisory and financial instruments to enhance private sector engagement with country clients.

The new platform introduces a scalable model, prioritizing high-impact projects, thereby optimizing resource allocation, and facilitating growth. Leveraging the collective expertise of the WBG, the platform will drive impactful solutions across diverse sectors, including energy access, pandemic preparedness, and climate action. Through collaborative efforts and innovative financing systems, the platform is set to drive sustainable development and promote inclusive growth worldwide.

In fiscal year 2024, the World Bank Group issued approximately $10.3 billion in new guarantees using products that will be part of the platform: $8.2 billion from MIGA, $1.4 billion from IFC, and nearly $700 million from the World Bank.

About World Bank Group Guarantees

Initiated in 2024, World Bank Group Guarantees consolidates all guarantee products and experts from across the World Bank Group institutions at MIGA. It provides a simplified and comprehensive menu of guarantee solutions, enabling clients to select the instrument that best suits their needs. The platform streamlines processes, removes redundancies, and provides greater accessibility by de-risking investments in developing countries. Its goal is to boost the WBG’s annual guarantee issuance to $20 billion by 2030.

For more information about the guarantee platform, please visit: https://www.worldbank.org/wbgguarantees

Stay updated and follow us at https://twitter.com/MIGA and https://www.linkedin.com/company/wb-miga

Contact:

In Washington:  Elizabeth Howton, (202) 458-5922 or ehowton@worldbankgroup.org

USAID SUMMER WEBINAR SERIES

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THE WORK WITH USAID SUMMER WEBINAR SERIES

Next week, on July 16 – 17, USAID will host a Summer Webinar Series to dive deeper into different approaches to partnering with USAID. The webinar series will be held in English, French, Spanish, Arabic, Portuguese, Ukrainian, and Russian and will be hosted by USAID’s Industry Liaison.

Day 1: Tuesday, July 16

  • Working with USAID 101: 9:00 – 9:55 a.m. ET
  • Understanding USAID’s Priorities – Deep Dive into Country Development Cooperation Strategies: 10:00 – 10:55 a.m. ET
  • Registering to Work with USAID as a Non-U.S.-Based Entity: 11:00 – 11:55 a.m. ET
  • Partnering with USAID as a Private Sector Entity: 12:00 – 12:55 p.m. ET
  • Working with USAID in Humanitarian Response: 1:00 – 1:55 p.m. ET

Day 2: Wednesday, July 17

  • Opportunities for Local Entities to Work with USAID: 9:00 – 9:55 a.m. ET
  • The Development Innovation Ventures Program: 10:00 – 10:55 a.m. ET
  • Faith-Based Partnerships with USAID: 11:00 -11:55 a.m. ET
  • Working with USAID as a U.S. Small Business: 12:00 – 12:55 p.m. ET
  • Registering to Work with USAID as a U.S.-Based Entity: 1:00 – 1:55 p.m. ET

Please register for the webinar sessions you are interested in attending. You can also indicate if you would like to listen to a session in one of the languages above. After you register, our team will send you links to attend. 

Register Here

 

8 Billion Reasons: Inclusive Finance as a Catalyst for Climate Action

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“Inclusive finance has a unique and critical role to play in ensuring that climate finance makes its way into the hands of the most vulnerable and empowers them to act… Given the increasing scale and frequency of climate shocks, now is the time for united action to make inclusive finance a corner-stone of climate response, creating a more sustainable future for those most affected by climate change.”

— H.M. Queen Máxima of the Netherlands, United Nations Secretary-General’s Special Advocate for Inclusive Finance for Development, and Ajay Banga, President, World Bank Group

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Board Approves World Bank’s Role as Host and Trustee for the Fund for Responding to Loss and Damage

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Historic Fund will assist developing countries hit by adverse effects of climate change.

WASHINGTON, June 10, 2024—The World Bank’s Board of Executive Directors today approved the World Bank’s role as interim secretariat host and trustee of a fund for responding to loss and damage caused by climate change.

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Observing World Menstrual Hygiene Day: Understanding the struggles through data

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On May 28, we mark World Menstrual Hygiene Day, a time to spotlight the importanceshutterstock-2371950649-1 of menstrual health, which must be recognized as the complete physical, mental, and social well-being of women and girls in relation to the menstrual cycle. Menstrual hygiene is the ability of women and adolescent girls to manage their menstruation in a hygienic manner, with dignity, using clean menstrual absorbents, and having access to facilities for changing in privacy, as well as for washing their bodies and hands.

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To tackle climate change, governments increasingly turn to green subsidies

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Given the global concern about the existential threat posed by climate change, government subsidies aimed at spurring green technologies and the green transition—from solar panels to electric vehicles—can play a greater role. And the number of subsidies with green objectives is indeed increasing, according to the World Bank’s new Green Subsidies Database. 

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The Blue Economy: Shoring Up Opportunities for Island Nations

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IFC to Help Financial Institutions Support Small Businesses Through New Global MSME Financing Platform

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Washington D.C., May 28, 2024—IFC, a member of the World Bank Group, today launched a new initiative to help financial service providers deliver funds to small businesses in emerging markets, especially those owned by women and those focused on agriculture and climate.

The MSME Finance Platform (the Platform) will include a financing package of up to $4 billion from IFC’s own account to banks, non-bank financial institutions, microfinance institutions, and innovative digital lenders that focus on micro, small, and medium enterprises (MSMEs). It will be available to both new and existing IFC clients.

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Becoming a Knowledge Bank – Delivering solutions at impact and scale

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As part of our efforts to become a better Bank, one that’s fit for purpose to meet the needs of the countries we support and to end poverty on a livable planet, the World Bank is transforming its approach to knowledge. We’re putting the client, those living in developing countries, at the heart of our knowledge work.

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IDA’s Role in an Increasingly Complex Global Aid Architecture

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STORY HIGHLIGHTS

  • Global aid architecture has transformed significantly in the last two decades, with Official Financial Flows (OFF) increasing and benefiting low-income countries.
  • However, this led to a complex and fragmented aid architecture and fewer concessional resources. Multiple donors and channels create obstacles for low-income countries with weak implementation capacity.
  • IDA is the partner of choice to tackle challenges caused by complex aid architecture. Its global presence and ability to convene stakeholders facilitate better coordination among various efforts.
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