Keeping Pace

The world is facing a set of intertwined challenges: climate crisis, debt, food insecurity, pandemics, and fragility; and a need to accelerate access to clean air, water, and energy. We need a Better Bank Group to address these challenges – but also a Better Bank Group for the challenges of tomorrow.

From private capital mobilization and universal health coverage to access to energy, water, and beyond, the Spring Meetings brought together partners across government, private sector, and the people we serve to build momentum for the next stage of our journey - and focus our collective attention on impact.

Banners displaying clients in Kosovo and Senegal wrap the columns at IFC's Washington, D.C. headquarters. Photo by Djenno Bacvic/IFC.

Ensuring that nothing gets lost in translation, interpreters are brought in for many multi-lingual meetings with government officials. Photo by Djenno Bacvic/IFC.

Sharing a lighter moment, IFC's representatives have a powerful depth of expertise. Joining Makhtar Diop, Managing Director, for a bilateral meeting with Colombia representatives are: Elizabeth Marcano, Director for Latin America and the Caribbean (LAC); Susan M. Lund, Vice President, Economics and Private Sector Development; Alfonso García Mora, Vice President for Europe, LAC; and Emmanuel Nyirinkindi, Vice President of Cross-Cutting Solutions. Photo by Djenno Bacvic/IFC.

Private Capital Mobilization

More than $400 trillion in assets are under management by global banks and investors - yet, only a fraction of it is flowing into emerging markets at the scale needed to address development challenges. Members of the World Bank Group's Private Sector Investment Lab discussed how to address this during the Private Capital Mobilization event.

Read more on PCM from IFC Managing Director, Makhtar Diop in his Linkedin post, "Relentless Resolve: Overcoming Barriers to Private Investment in Emerging Markets."

From left to right: Moderator Redi Thlabi; Makhtar Diop, Jessica Tan; Former Group co-CEO and Executive Director of Ping An Group; Feike Sijbesma, Chairman Royal Philips and co-chair, Global Climate Adaptation Centers; Hendrik du Toit, CEO, Ninety One, participate in the event on Private Capital Mobilization. Photo by Djenno Bacvic/IFC

During the International Monetary Fund - World Bank Group 2024 Spring Meetings, Shriti Vadera, Chair of Prudential and Co-Chair of the Private Sector Investment Lab and Makhtar Diop, IFC Managing Director, discussed what the private sector needs to invest where it's needed most.

Emmanuel Nyirinkindi, IFC’s Vice President of Cross-Cutting Solutions, follows his routine of taking the stairs. Nyirinkindi oversees work in four areas: to proactively create markets and enable the conditions for investments; to design effective public-private partnerships and targeted corporate finance solutions to maximize the private sector’s role in development; to ensure that environmental, social, and governance (ESG) best practices are embedded throughout IFC’s projects; and to design private sector strategies that enable all genders and underserved communities to fully participate in the economy. Photo by Djenno Bacvic/IFC.

Elena Bourganskaia, Vice President of Corporate Support, greets H.E. Guy Parmelin, Federal Councilor of Switzerland, Head of the Department of Economic Affairs, Education, and Research. Bourganskaia oversees corporate strategy, operations management, knowledge, learning, change management, human resources, and budget functions, administrative and systems support, as well as internal and external communications coverage for all IFC activities. Photo by Djenno Bacvic/IFC.

Energizing Africa

Africa is where the energy access battle will be won or lost.

Over half a billion people in Sub-Saharan Africa are at risk of being left behind without electricity access by 2030. Without access to reliable, affordable, and sustainable energy, the region will not reach its development aspirations or achieve an economic transformation that can lift millions out of poverty.

During the Energizing Africa event, public and private sector leaders discussed what it will take to scale up solutions and investments that will help connect millions more Africans to electricity and transform African economies. You can watch the full event here.

The World Bank Group and African Development Bank Group announced their partnership on an ambitious effort to provide at least 300 million people in Africa with electricity access by 2030 - and potentially halve the number of people in Africa living without electricity access.

Mohamed Gouled, IFC’s Vice President of Industries, heads to a bilateral meeting. Gouled manages IFC’s global sector communities of practice and ensures that lessons of experience from IFC operations contribute to the World Bank Group’s global knowledge bank and thought leadership; leads business development with global clients; fosters close collaboration across World Bank Group and supports operational process simplification. Photo by Djenno Bacvic/IFC.

Makhtar Diop laughs with H.E. Mr. Jamshid Kuchkarov, Deputy Minister, Minister of Economy and Finance for Uzbekistan and World Trade Organization (WTO) Director-General Ngozi Okonjo-Iweala as the bilateral meeting with Uzbekistan ended and the one with WTO was set to begin. Photo by Djenno Bacvic/IFC.

Universal Healthcare

Universal health coverage (UHC) is about ensuring that everyone, especially the most vulnerable, has access to the quality health care they need - without suffering financial hardship. However, progress remains severely off track: over half of the world’s population is still not covered by essential health services, and two billion people face severe financial hardship when paying out-of-pocket for lifesaving health care.

During the Expanding Health Coverage for All event, leaders in finance, health, civil society, philanthropy, and the private sector discussed how to jump-start and accelerate progress towards universal healthcare by 2030. You can watch the full event here.

The World Bank Group announced its commitment to expand health services to 1.5 billion people by 2030.

From left to right: Moderator Shakuntala Santhiran; Dr. Mohamed Maait, Egypt's Minister of Finance; industry and civil society leaders Lamia Tazi and Joanne Carter. Photo by Ahmed Medhat/IFC.

Jamie Fergusson, Global Director, Climate Business; Makhtar Diop, Managing Director; Mohamed Gouled, Vice President of Industries; and Mary-Jean Moyo, Chief of Staff to IFC’s Managing Director Makhtar Diop in the Director's conference room. Photo by Djenno Bacvic/IFC

Hela Cheikhrouhou, Regional Vice President for the Middle East, Central Asia, Türkiye, Afghanistan, and Pakistan joins the discussion with Makhtar Diop. Cheikhrouhou is in charge of expanding IFC’s business in the region, and building a pipeline of private sector investment opportunities, rooted in country strategies. Photo by Djenno Bacvic/IFC.

The delegation from Azerbaijan arrives for an early morning bilateral meeting with Makhtar Diop. The 2024 Baku Climate Change Conference, or COP 29, is an international conference organized by the United Nations that will take place from November 11 to 22, 2024 in Baku, the capital of Azerbaijan. Photo by Djenno Bacvic/IFC.

The International Monetary Fund - World Bank Group Annual Meetings will be October 25 – 27, 2024 in Washington, D.C.