Leadership messages

Leadership Messages
leadership messages
message from president
Message from the President
In fiscal 2024, the World Bank Group adopted a bold new vision of a world free of poverty on a livable planet. To achieve this, the Bank Group is enacting reforms to become a better partner to governments, the private sector, and, ultimately, the people we serve.
Rarely in our 80-year history has our work been more urgent: We face declining progress in our fight against poverty, an existential climate crisis, mounting public debt, food insecurity, an unequal pandemic recovery, and the effects of geopolitical conflict.
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Responding to these intertwined challenges requires a faster, simpler, and more efficient World Bank Group. We are refocusing to confront these challenges not just through funding, but with knowledge. Our Knowledge Compact for Action, published in fiscal 2024, details how we will empower all Bank Group clients, public and private, by making our wealth of development knowledge more accessible. And we have reorganized the World Bank’s global practices into five Vice Presidency units—People, Prosperity, Planet, Infrastructure, and Digital—for more flexible and faster engagements with clients. Each of these units reached important milestones in fiscal 2024.

We are supporting countries in delivering quality, affordable health services to 1.5 billion people by 2030 so our children and grandchildren will lead healthier, better lives. This is part of our larger global effort to provide a basic standard of care through every stage of a person’s life—infancy, childhood, adolescence, and adulthood. To help people withstand food-affected shocks and crises, we are strengthening social protection services to support half a billion people by the end of 2030—aiming for half of these beneficiaries to be women.

We are helping developing countries create jobs and employment, the surest enablers of prosperity. In the next 10 years, 1.2 billion young people across the Global South will become working-age adults. Yet, in the same period and the same countries, only 424 million jobs are expected to be created. The cost of hundreds of millions of young people with no hope for a decent job or future is unimaginable, and we are working urgently to create opportunity for all.

In response to climate change—arguably the greatest challenge of our generation—we’re channeling 45 percent of annual financing to climate action by 2025, deployed equally between mitigation and adaptation. Among other efforts, we intend to launch at least 15 country-led methane-reduction programs by fiscal 2026 and our Forest Carbon Partnership Facility has helped strengthen high-integrity carbon markets.

Access to electricity is a fundamental human right and foundational to any successful development effort. It will accelerate the digital transformation in developing countries, strengthen public infrastructure, and prepare people for the jobs of tomorrow. But half the population of Africa—600 million people—lacks access to electricity. In response, we have committed to provide electricity to 300 million people in Sub-Saharan Africa by 2030 in partnership with the African Development Bank.

Recognizing that digitalization is the transformational opportunity of our time, we are collaborating with governments in more than 100 developing countries to enable digital economies. Our digital lending portfolio totaled $5.6 billion in commitments as of June 2024; and our new Digital Vice Presidency unit will lead our efforts to establish the foundations of a digital economy. Key initiatives include building and enhancing digital and data infrastructure, ensuring cybersecurity and data privacy for institutions, businesses, and citizens, and advancing digital government services.

Delivering on our commitments requires us to develop new and better ways of working. In fiscal 2024, we did just that. We are squeezing our balance sheet and finding new opportunities to take more risk and boost our lending. Our new crisis preparedness and response tools, Global Challenge Programs, and Livable Planet Fund demonstrate how we are modernizing our approach to better drive impact and outcomes. Our new Scorecard radically changes how we track results.

But we cannot enable development on our own. We need partners from both the public and private sectors to join our efforts. That's why we are working closely with other multilateral development banks to improve the lives of people in developing countries in tangible, measurable ways. Our deepening relationship with the private sector is evidenced by our Private Sector Investment Lab, which is working to address the barriers preventing private sector investment in emerging markets. The Lab’s core group of 15 Chief Executive Officers and Chairs meets regularly, and already has informed our work—most notably with the development of the World Bank Group Guarantee Platform.

The impact and innovations that we delivered this year will allow us to move forward with a raised ambition and a greater sense of urgency to improve people’s lives. I would like to recognize the remarkable efforts of our staff and Executive Directors, as well as the unwavering support of our clients and partners. Together, we head into fiscal 2025 with a great sense of optimism—and determination to create a better Bank for a better world.

Ajay Banga 
President of the World Bank Group
and Chairman of the Board of Executive Directors

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DELIVERING ON OUR COMMITMENTS REQUIRES US TO DEVELOP NEW TOOLS AND NEW AND BETTER WAYS OF WORKING. IN FISCAL 2024, WE DID JUST THAT.

AJAY BANGA

President of the World Bank Group and
Chairman of the Board of Executive Directors

president messagepresident message
Message from the MIGA Board of Directors, FY24

In fiscal 2024, the World Bank Group Boards of Executive Directors supported the institution’s ongoing efforts to become a better Bank. These operational enhancements are both timely and necessary: While economic growth prospects for the near term have improved slightly, easing fears of a global recession, the post-pandemic recovery remains weak in many developing countries, and pre-existing social stresses endure.

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The world is increasingly unlikely to achieve the 2030 Sustainable Development Goals, and climate change, biodiversity loss, and escalating geopolitical tensions further threaten development. To help countries address these intertwined challenges, the World Bank Group committed $117.5 billion (including $37.6 billion from IBRD, $31.2 billion from IDA, $31.7 billion from IFC, $8.2 billion from MIGA, and $8.9 billion in receipt-executed disbursing activities) in fiscal 2024.

The 2023 Annual Meetings marked an important milestone for the World Bank Group as Development Committee members endorsed the institution’s new vision of a world free of poverty on a livable planet. Since then, the Bank Group has implemented core reforms to build a better Bank, including enhancing its financial capacity; reinforcing its emphasis on results; and improving its operational effectiveness and efficiency. The Bank Group has also developed a new Scorecard and crisis preparedness and response tools; launched the Global Challenge Programs and World Bank Group Guarantee Platform; developed a Knowledge Compact; forged four new partnerships (with the Asian Infrastructure Investment Bank, the European Bank for Reconstruction and Development, the Inter-American Development Bank, and the Islamic Development Bank); and streamlined the implementation of the World Bank’s Environmental and Social Framework.

Executive Directors commend the Bank Group’s commitment to devote 45 percent of annual financing to climate action by 2025, deployed equally between mitigation and adaptation. IFC and MIGA will intensify efforts to boost private sector financing for climate adaptation. Executive Directors also applaud the Bank Group’s 2030 commitments to provide electricity access to 300 million people in Africa in partnership with the African Development Bank and to provide quality, affordable healthcare to 1.5 billion people.

The Bank Group is enhancing its financing model to create safer, more prosperous communities in low- income countries. Since the 2023 Annual Meetings, the Bank Group has raised funds for the IDA Crisis Facility and maintained IDA’s financial capacity of $30 billion per year for fiscal 2024 and 2025. Bank Group management has proposed enhancements to IDA’s Capital Adequacy Framework that are expected to expand IDA’s financing by $20 billion through fiscal 2037. Executive Directors anticipate the funding generated by these measures, coupled with strong donor contributions for the December 2024 IDA replenishment, will improve lives and equip nations to tackle immediate crises and long-term development goals. Beyond financing, achieving these goals requires the unwavering commitment of current and new donors, client countries, and the World Bank.

IBRD has made significant progress in enhancing its financial capacity while continuing to protect its triple A rating and long-term financial stability. New financial instruments—such as hybrid capital, a portfolio guarantee platform, and the Livable Planet Fund—have been approved, and contributions have already been pledged by some Bank Group shareholders. The Board recently approved the Framework for Financial Incentives, which will encourage IBRD countries to boost investments in global challenges with cross-border impact. Progress has been made toward enhancing the value of callable capital. In addition, IFC and MIGA are expanding their investment and guarantee offerings, including new instruments to mobilize private capital. Executive Directors look forward to the further operationalization of the Loss and Damage Fund, which is expected to be a significant resource in assisting developing nations affected by natural disasters linked to climate change.

Executive Directors welcome the Bank Group’s deepening partnerships with multilateral development banks and the private sector. The One World Bank Group Partnership Charter, published in May 2024, highlights the principles that define our work with partners and restates our vision of the partner we aspire to be. The Private Sector Investment Lab, launched in June 2023, is working to address the barriers preventing private sector investment in emerging markets.

Through travel to several client countries this year, Executive Directors witnessed the Bank Group’s impact firsthand. During trips to Saudi Arabia (December 2023); China, Fiji, and Samoa (January–February 2024); Kazakhstan, Kyrgyz Republic, and Tajikistan (March 2024); and Kenya and Estonia (May 2024), Board members engaged with key government officials, private sector representatives, Bank Group staff, beneficiaries of Bank Group operations, donors, and other pertinent stakeholders.

Looking ahead to fiscal 2025, the Executive Directors and management remain committed to sharpening the Bank Group’s approach to better serve people in low-income countries. The Executive Directors extend their gratitude to Ajay Banga for his leadership in spearheading the evolution of the Bank Group, and sincerely thank all staff across the institution for their continued hard work and unwavering commitment to the mission of ending poverty on a livable planet.

board of directors

Front row (left to right): Mr. Parameswaran Iyer, Mr. Abdulaziz Almulla, Mr. Ernesto Acevedo, Mr. Felice Gorordo, Mr. Vel Gnanendran, Mr. Matteo Bugamelli, Ms. Junhong Chang, Mr. Dominique Favre, Ms. Ayanda Dlodlo, Mr. Abdoul Salam Bello, and Mr. Arnaud Buisse

Back row (left to right): Mr. Daniel Pierini, Ms. Lene Lind, Ms. Katharine Rechico, Mr. Suhail Saeed, Mr. Michael Krake, Mr. Marcos Chiliatto, Mr. Hideaki Imamura, Mr. Floribert Ngaruko, Mr. Il Young Park, Ms. Nathalie Francken, Mr. Wempi Saputra, Mr. Eugene Rhuggenaath, Mr. Roman Marshavin, and Mr. Tauqir Shah

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MIGA’S FY24–26 STRATEGY AIMS TO DEEPEN OUR COMMITMENT IN CRITICAL AREAS: INCREASING ENGAGEMENT IN IDA AND FCS COUNTRIES AND INCREASING SUPPORT FOR PROJECTS THAT ADDRESS CLIMATE CHANGE AND ADVANCE GENDER EQUALITY.

HIROSHI MATANO

Executive Vice President

Message from
Hiroshi Matano
Executive Vice President
In FY24, MIGA issued a record amount of guarantees and made a significant change in our business structure. We issued $8.2 billion in new guarantees across 40 projects, supporting $9 billion in total financing.
In fiscal year 2024, the World Bank Group issued $10.3 billion in guarantees—including $8.2 billion from MIGA, $1.4 billion from IFC, and $0.7 billion from the World Bank. These impressive numbers reflect the growing desire to invest in and support sustainable infrastructure in developing countries.
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message from hiroshi

Of the 40 projects we supported:

  • 95 percent fall into at least one of our strategic priority areas: poor and fragile countries, gender, and climate projects.
  • 65 percent are in IDA-eligible (lower-income) countries ($3.1 billion of gross issuance).
  • 25 percent are in fragile and conflict-affected situations ($945 million of gross issuance).
  • 75 percent contribute to climate finance ($2.5 billion of gross issuance).

Regionally, we issued guarantees totaling $2.9 billion in Europe and Central Asia, $2.7 billion in Sub-Saharan Africa, $1.9 billion in Latin America and the Caribbean, and $449 million in South Asia.

I am pleased to report that our guarantees this year are expected to have significant impacts across various areas: More than 600,000 metric tons of CO2 emissions will be prevented each year, an estimated 280,000 people will receive new or improved electricity services, 2.2 million people will have access to mobile internet, 12.2 million new subscribers will begin using mobile money services, and $657.8 million in tax revenue will be generated annually.

MIGA’s FY24–26 strategy aims to deepen our commitment in critical areas: Increasing engagement in IDA and FCS countries and increasing support for projects that address climate change and advance gender equality.

IDA AND FCS

IDA (low-income) and FCS countries are still struggling to recover from the COVID-19 pandemic and subsequent global shocks. MIGA guarantees to IDA-eligible countries during FY24 totaled $3.1 billion, 75 percent higher than in FY23, across 26 projects in 15 countries in Africa and the Europe and Central Asia regions.

We provided $945 million in guarantees in FCS, across 10 projects in the Democratic Republic of Congo, Kosovo, Mozambique, Nigeria, and Ukraine, and a regional development bank in Africa.

Despite persistent conflicts and a challenging political and economic environment, MIGA guarantees enabled investments in renewable energy in the Democratic Republic of Congo, the largest country in Sub-Saharan Africa by area. Our guarantee will support 28,000 households in the eastern part of the country to gain access to affordable and reliable electricity. Once completed, this will be the largest mini-grid on the continent.

Similarly, we continued to lend our support to Ukraine, helping it keep its economy afloat during the ongoing Russian invasion. Since MIGA established the Support for Ukraine’s Reconstruction and Economy (SURE) trust fund in FY23, we have provided more than $217 million in political risk insurance in Ukraine. MIGA-supported projects create jobs and generate the much-needed tax revenue to the government.

Climate change

Climate change is a major threat to the ambition of developing countries for sustainable growth and economic prosperity. MIGA issued $2.5 billion in guarantees for 30 projects across 22 countries focused on climate mitigation or adaptation.

FY24 marked the first year of MIGA implementing its commitment to align 85 percent of its operations with the goals of the Paris Agreement starting on July 1, 2023, and 100 percent from July 1, 2025. This target was surpassed with 100 percent of operations assessed as aligned with the goals of the Paris Agreement in FY24.

As an example, our guarantee will help Chile’s largest state-owned enterprise decarbonize its electricity supply by transitioning from coal and other fossil fuels to renewable sources. This will also contribute toward the country’s sustainability goals to become carbon- neutral by 2050 by contributing to the diversification and greening of the country’s energy sector. Our engagement demonstrates the World Bank Group’s role in larger economies to help tackle global greenhouse gas emissions.

GENDER

In FY24, MIGA, together with the World Bank and IFC, launched the World Bank Group Gender Strategy 2024- 2030 to accelerate gender equality and end poverty on a livable planet. Increasing evidence demonstrates that eliminating gender barriers boosts economic productivity, reduces poverty, strengthens social cohesion, and improves well-being and prosperity for both present and future generations. MIGA has been working with its clients to foreground gender equality and access concerns into our projects. In FY24, this effort continued with development of explicit Gender Action Plans. These were all in IDA and/or FCS countries, where the issues of inequality are often most pressing.

WORLD BANK GROUP GUARANTEE PLATFORM

In FY24, we announced the World Bank Group Guarantee Platform to be operational as of July 1, 2024. Through the platform, the Bank Group seeks to mobilize private capital for development by boosting annual guarantee issuance to $20 billion by 2030.

The platform brings together guarantee products from the World Bank, IFC, and MIGA to streamline and simplify processes for our clients. MIGA houses the platform. As the platform operationalizes, we are creating a simple, accessible product menu and streamlined processes.

This change is the most significant for MIGA in 15 years, aligning with our goals to create a faster, better Bank Group and address the substantial sustainable infrastructure needs of developing countries.

Lastly, I extend my heartfelt thanks to our private sector and public sector clients and Board, who remain steadfast partners and continue to help us deliver results in every part of the world. We are committed to building a faster and quicker MIGA and World Bank Group to better support our member countries.

HIROSHI MATANO
Executive Vice President

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Becoming a better bankBecoming a Better Bank
Becoming a Better Bank Becoming a better bank