Dr Kim wants World Bank to be a “solutions bank”
World Bank President, Dr Jim Yong Kim on October 12, 2012 told the Bank’s shareholders that he wants the institution to become a solutions Bank that can work with partners and help “bend the arc of history” to eliminate extreme poverty.
“Let me be clear: when I say we will be a solutions bank, I do not mean to suggest that we have ready-made solutions for every development problem. We do not, nor is this our goal,” Dr Kim told the Boards of Governors of the World Bank and International Monetary Fund (IMF) at the Bank/Fund Annual Meetings in Tokyo.
He further stated that “Through decades of development work I’ve learned that the best solutions to economic and social problems often lie with the individuals and communities coping with these challenges in their daily life. They have been my greatest teachers. We must listen to and act on their insights.”
According to a World Bank statement, Dr Kim noted that knowledge now flows “from entrepreneurs in Delhi to citizens in rural Mexico to civil society in Lagos to policymakers in Sarajevo.”
With the World Bank’s global reach, Kim stated that the Bank is ideally positioned to connect and convene multiple stakeholders from around the world, brokering knowledge exchange across institutional boundaries.
“A solutions bank will be more focused on delivery than ever before. During an era of constrained resources and daunting challenges, this is what both our donors and our clients demand,” said Kim.
The World Bank boss observed that ongoing economic and financial instability in Europe continues to threaten growth and jobs in developing countries.
Quoting Dr. Martin Luther King, Jr., Kim called on shareholders and other development partners to come together “to bend the arc of history” and accelerate this recent progress to work toward the goal of eliminating extreme poverty.
“This goal is not farfetched – it is achievable. Together we can make it happen,” said Kim.
Kim stated unequivocally that this evolving world needs a strong World Bank Group—“A World Bank Group that, through our lending, our knowledge, and our convening power, provides integrated development solutions for both today’s and tomorrow’s challenges.”
By Ekow Quandzie