World Bank's vision being redefined: Ajay Banga

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New Delhi: World Bank president Ajay Banga said that the bank’s vision was being redefined to eradicate poverty on a livable planet as part of the ongoing reforms agenda, and include climate, fragility, pandemic and other elements that the world’s markets were experiencing. He said that the reforms were a continuing process towards which the institution was deeply committed.

“There's a lot of work going on with the World Bank on the reform agenda. It starts from redefining the vision of the bank, to not just be focused on poverty, although it's important, but to also include a livable planet.

The idea is to eradicate poverty on a livable planet and by doing that, we expand the aperture of our view to include climate, pandemics, fragility, things that we are living through, and these are intertwined with poverty alleviation, very difficult to segregate them," he said. Talking to reporters on the sidelines of the G20 Summit, Banga noted the need for multilateral development banks to collaborate on climate and digital governance, besides the inclusion of the private sector to facilitate investments into renewable energy in emerging markets.

“I just announced a very big partnership with the Inter-American Development Banks on the Amazon on Caribbean climate and are digitizing governance. We’ve also announced a private sector lab where N Chandrasekharan of Tata Sons is one of the members of that project led by Mark Carney and Shriti Vadera, and the idea is to get ideas from the private sector, asset managers and operators on what the bank can do to help facilitate much more investing in renewable energy in the emerging markets," he noted, referring to the Private Sector Investment Lab that is focused on expanding financing