Title: Statement by Mr. Ignazio Visco at the 92nd meeting of the Development Committee held on October 10, 2015
Abstract: This is a statement by Mr. Ignazio Visco, Governor of the Bank of Italy at the ninety-second meeting of the Development Committee held on October 10, 2015. He discusses on: the recent approval of the sustainable development goals comes at a challenging moment for the global economy. Dealing with the root causes of migration requires development policies that grant poor countries better market access for their products and transfer expertise and technological know-how to speed up development. A long-term vision of the role of multilateral financial institutions - and of the World Bank Group (WBG) in particular - needs to take into account the importance of engaging in the financing of global public goods and the benefits of cross-border integration. The role of the WBG in enhancing the use of domestic resources - through technical assistance - should be intensified, and International Finance Corporation (IFC) and Multilateral Investment Guarantee Agency (MIGA) should strengthen their efforts to catalyze private sector capital into development projects. The WBG should play a role as a key partner in both promoting the transition to a greener economy and alleviating the impact of climate change on developing countries. The International Bank for Reconstruction and Development (IBRD) should focus on financing long-term structural projects, even if the shift toward investment lending is likely to reduce the growth of the IBRD loan portfolio. This requires a set of strategic priorities fully shared by the institution at all levels and supported by robust analytical evidence.
Publication Year: 2015
Publication Date: 2015-10-10
Language: en
Type: article
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