Remarks of World Bank President in Annual Meeting 2007

By: EconomyWatch   Date: 14 October 2010

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Remarks of Robert B. Zoellick, World Bank President at the Annual Meeting 2007:

The president at the meeting has highly emphasized upon inclusive and sustainable Globalization. Implementation of Globalization principles have removed restrictive barriers resulting free flow of ideas, goods, capital, and people. It has created vast opportunities worldwide.

Focusing upon present global challenges such as Poverty, hunger and mal-nutrition, the president said that the vision of the bank is to contribute an inclusive and sustainable form of globalization for enhancing growth and reducing poverty. Sustainable growth should be driven by the private sector in the presence of public policies.

Bank’s Role:

Bank is to assist countries over the world by developing private market opportunities, and supporting for good governance and anti-corruption. The Bank has also stepped forward through the ideas of advancing international projects and agreements on trade, finance, health, poverty, and education.

Bank’s Step:

The bank has been trying to strengthen its such as IBRD, IDA, IFC, and MIGA. Recent steps undertaken by the bank are as follows:

  • The bank made a record contribution of $3.5 billion from its own resources.
  • The bank has committed for a stronger growth plan for IFC
  • The bank will increase cooperation between IDA and IFC for raising private participation among poorer economies.
  • It has also announced a major price simplification.The World Bank group being a multilateral partner of the United Nations, the IMF, the WTO is to play an active role by advancing an inclusive and sustainable globalization worldwide resulting an upliftment to bottom billion living on just $1 per day.

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