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.