LONDON, ENGLAND - JUNE 21: Germany's Minister for Economic Cooperation and Development Svenja Schulze speaks during 'The Framework for Lasting Recovery' session on the first day of the Ukraine Recovery Conference at InterContinental London 02 on June 21, 2023 in London, England. The UK and Ukraine jointly host the Ukraine Recovery Conference 2023 and will focus on mobilising international support for Ukraine's economic and social stabilisation and recovery from the effects of Russia's illegal war. (Photo by Henry Nicholls - WPA Pool/Getty Images)
World Bank shareholders have approved further reforms and a new vision statement committing the Bank to work towards “a world free of poverty on a liveable planet”.
The Development Committee, comprising 25 members, has approved a series of ambitious reforms aimed at boosting the bank’s investments in climate action and sustainable development.
Svenja Schulze, German Minister of Economic Cooperation and Development, said at the IMF/World Bank meetings that changes initiated last year with the US will strengthen financing incentives for global projects.
The reform, which included incentives for climate, biodiversity, and pandemic prevention, was deemed a significant success by Schulze.
“With the reform, we will make the World Bank into a better bank that uses its funds in a more targeted way,” she said.
Schulze announced the World Bank’s reform, aiming to increase funds for poverty reduction and climate action, incorporating new vision and mission statements to prioritize protecting natural resources.
