World Bank Group President Ajay Banga speaks during the World Governments Summit, in Dubai, United Arab Emirates, Feb 12, 2024.
Economic growth has slowed in developing countries, with growth falling to barely 4 per cent from 6 per cent in two decades, Banga said, noting that each lost percentage point dragged 100 million people into poverty, while debt levels were rising. The bank last month already announced reforms that will consolidate its loan and investment guarantee structure and triple its annual guarantees to US$20 billion by 2030.
"All this work contributes to one goal: getting more private sector capital into developing economies to drive impact and create jobs," Banga said.
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