CAIRO - 13 October 2022: Head of the World Bank Group, David Malpass, highlighted the strong relations with member countries, including Egypt, noting that the Bank provided Egypt with $500 million to support the efforts of Food Security and Resilience Enhancement; as a part of $6.3 billion offered to 49 countries in the first months of the Russian-Ukrainian crisis until June 2022.
He also addressed - during his speech at the meeting of ministers and governors of the Group of 24 - the efforts of the World Bank Group to promote climate action and green transformation, and reduce emissions of harmful gases in emission-intensive sectors, stressing the importance of working with Egypt for the success of the next edition of the COP27 climate conference.
Malpass pointed out that developing countries face difficult expectations regarding the rise in food, fertilizer and energy prices, as well as the rise in interest rates, debt and currency depreciation, and capital flows, which affects the lower-income classes, especially in light of the expectations of a global recession.
Malpass affirmed that the World Bank Group is ready to provide support to developing countries, whether through the International Development Association (IDA) or the International Bank for Reconstruction and Development (IBRD), especially since the availability of financing is a challenge, especially with the rise in global interest rates, noting that the world will not be able to achieve the goal of eliminating extreme poverty by 2030, as a result of the repercussions of the Corona pandemic and the exacerbation of the situation after the Russian-Ukrainian war and the resulting challenges.
He said that the Covid pandemic pushed 70 million people around the world to enter the cycle of extreme poverty in 2020, and global income decreased by 4%, in the same context, climate change could push 132 million people into extreme poverty by 2030, and without urgent measures that could 216 million people will be forced to migrate from within their own countries by 2050.
The Head of the World Bank Group reviewed the institution's support for member countries, noting that financial commitments amounted to $196 billion since 2020, adding that in the last fiscal year, the International Development Association allocated $38 billion, and the International Bank for Reconstruction and Development $33 billion, reflecting an increase of 68% over the pre-pandemic average.
He emphasized that the World Bank can be a good source of funding and support for member states.