Bloomberg News

World Bank Hints New Strategies at Development Committee Meeting

April 21, 2013

The World Bank gave the first hints of its new strategies crafted under the presidency of Jim Yong Kim during a development committee meeting yesterday, Russian Deputy Finance Minister Sergei Storchak said.

The poverty-fighting lender, with projects ranging from building bridges to education and health-care loans, plans to focus on specific areas where it has “an obvious competitive edge,” Storchak told reporters today in Washington. He was attending the spring meetings of the bank and International Monetary Fund.

“The efforts of the bank will be concentrated on very specific areas and will be very selective,” Storchak said. “This is a general approach, what the main priorities will be is still not clear.”

Earlier this month, Kim vowed to boost the lender’s contribution to easing the effects of climate change as part of a new goal to eliminate extreme poverty by 2030.

A physician by training, Kim took over the institution in July 2012 and spent much of his first six months conferring with staff and directors. With pressure from the largest emerging economies, which are setting up their own development bank, Kim may need to demonstrate the value of a lender still dominated by the richest nations.

The World Bank made loans worth almost $53 billion in the fiscal year that ended June 30, 2012.

To contact the reporter on this story: Anastasia Ustinova in Washington at austinova@bloomberg.net

To contact the editor responsible for this story: Denis Maternovsky at dmaternovsky@bloomberg.net


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