World Bank Group Welcomes Launch of New Development Bank

World Bank Group Welcomes Launch of New Development Bank

World Bank Group Welcomes Launch of New Development Bank

The FINANCIAL -- The World Bank Group, on July 20, issued the following statement by World Bank Group President Jim Yong Kim on the launch of the New Development Bank.

 

“We would like to congratulate Mr. K.V. Kamath, President of the New Development Bank, and the founding members — Brazil, Russia, India, China, and South Africa — on this important occasion.

The New Development Bank joins a growing number of multilateral institutions — including the Asian Infrastructure Investment Bank — that are working to address the world’s huge infrastructure needs. Emerging markets and low-income countries face an annual gap of $1 trillion to $1.5 trillion in infrastructure spending.

We are committed to working closely with the New Development Bank and other multilateral institutions, offering to share our knowledge and to co-finance infrastructure projects. These types of partnerships will be essential to reach our common goals to end extreme poverty by 2030, boost shared prosperity, and to reduce inequalities.”