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Robert Zoellick outlined new approaches that the World Bank will take to help solve global problems today in a major speech delivered at an event organized by the Center for Global Development.
Zoellick's detailed and wide-ranging speech included a proposal for what he called a "one-percent solution" -- for sovereign wealth funds to invest one percent of their holdings in equity in sub-Saharan Africa as a way of tapping long-term global liquidity to boost investment opportunities and development. Other issues he discussed included high global food prices and the prospect of shortages; the need for a global trade deal, and efforts to address the so-called "resource curse," the many problems that face countries that are rich in oil and other high-value commodities.
The speech was well-received by a standing room-only crowd of nearly 200 people including development policy experts, policymakers, researchers and representatives of international NGOs.