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The World Bank Needs to Join the 21st Century (Foreign Policy)
January 16, 2019
From the article:
Nearly two decades into the 21st century, the World Bank remains a 20th-century institution. In recent years, its reputation has faded and its influence diminished—the natural outcome of the rise of China and other emerging markets and the increasing access of even the poorest countries to borrowing on the private capital market. The current World Bank president, Jim Yong Kim, essentially acknowledged his own institution’s reduced importance with his preemptive resignation, effective Feb. 1, to take a job with a private equity firm.
The only way that Kim’s successor—whoever that ends up being—can succeed is by recognizing that the institution needs a new direction to match this new era. The World Bank can no longer afford to think of itself as a routine international lender. Instead, it must adapt to the new challenges the world faces.
Among this century’s existential global threats is climate change. The World Bank’s next president needs to prioritize financing projects that reduce climate risks. The World Bank may be the only institution…