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Summary of Jim Yong Kim's Speech at the Council on Foreign Relations (April 1, 2014)

Core Content

Jim Yong Kim, President of the World Bank Group, delivered a speech highlighting the global development challenges and the institution's role in addressing them. He emphasized the importance of inclusive growth, the need for global cooperation, and the World Bank Group's strategic shift towards becoming a more effective and responsive organization.

Main Points

1. Global Awareness and Inequality

• The global poor now have access to information about the lifestyles of the rich, leading to increased awareness and demand for economic opportunities.
• The world is unequal, with the rich often unaware of the struggles of the poor, while the poor are acutely aware of the wealth of others.
• Inclusive growth benefits everyone and is essential to reducing inequalities and building stronger economies.

2. World Bank Group's New Goals

• The World Bank Group has set two new goals: ending extreme poverty by 2030 and boosting shared prosperity.
• Ending extreme poverty means lifting people out of living on less than $1.25 a day, with over a billion people currently in this situation.
• Shared prosperity focuses on the income growth of the bottom 40% of the population.

3. Strategic Reforms

• The World Bank Group is redefining itself as a "Solutions Bank" to deliver evidence-based and scalable solutions.
• A "science of delivery" is being developed to ensure that projects reach their intended beneficiaries at expected cost.
• The institution is creating Global Practices—communities of experts in key areas like water, health, and energy.

4. Financial Expansion

• The World Bank Group is increasing its financial capacity to support development:
  • Lending to middle-income countries will nearly double from $15 billion to $28 billion annually.
  • The World Bank's balance sheet will increase by $100 billion over the next decade, reaching $300 billion.
  • The International Development Association (IDA) received $52 billion in grants and concessional loans in December 2013.
• The World Bank Group is also expanding its support for the private sector:
  • MIGA plans to increase new guarantees by 50% over four years.
  • IFC aims to nearly double its portfolio to $90 billion over the next decade, with annual commitments reaching $26 billion.

5. Focus on Key Countries

• Two-thirds of the world's extreme poor are concentrated in five countries: India, China, Nigeria, Bangladesh, and the Democratic Republic of Congo.
• The World Bank Group will focus on these countries but will not neglect others.

6. Case Studies and Examples

• Inga Hydroelectric Project in DRC: A $73 million grant was approved to develop a massive hydroelectric plant that could generate 40 gigawatts, equivalent to half of Sub-Saharan Africa’s current capacity.
  • This project is cleaner and cheaper than coal, with energy costs at $0.03 per kilowatt-hour.
  • It could prevent 8 billion tons of CO2 emissions over 30 years.
• Conditional Cash Transfer Programs: These have shown significant success in improving education and health outcomes, such as in Cambodia and Tanzania.

7. Climate Change and Energy Access

• Energy access is a critical issue, with nearly 2 billion people lacking access.
• The World Bank Group is committed to supporting clean energy projects that align with climate goals.
• While coal is not the preferred option, it may be considered in extreme cases where no other alternatives exist.

8. Role of the World Bank Group in a Liquidity-Driven World

• The World Bank Group is not competing with private investors but is working to reduce their fears and encourage investment in high-risk areas.
• The institution is leveraging its AAA credit rating and strong equity-to-loan ratio (28%) to increase lending capacity.
• The leverage ratio allows for increased lending without compromising financial stability.

Key Information

• Extreme poverty: Over a billion people live on less than $1.25 a day.
• Shared prosperity: Focus on the income growth of the bottom 40%.
• Global Practices: 14 areas of expertise, with new leadership announced.
• Financial capacity: The World Bank Group is increasing lending to middle-income countries and supporting private sector investments.
• Inga Project: A major initiative in DRC to provide clean and affordable energy.
• Conditional cash transfers: Proven to be effective in improving education and health outcomes.
• Equity-to-loan ratio: The World Bank Group is reducing this ratio to increase lending volume while maintaining financial health.

Conclusion

Jim Yong Kim emphasized the need for a global movement to end poverty, highlighting the importance of partnerships, strong institutions, and a commitment to inclusive growth. He called for a transformational approach to development, ensuring that the World Bank Group remains a vital player in delivering solutions to the world's most pressing challenges.