At the 2025 Annual Meetings Plenary, World Bank Group President Ajay Banga delivered a compelling address emphasizing the institution’s renewed focus on jobs, opportunity, and smart development as the foundation for global stability and prosperity. Speaking alongside IMF Managing Director Kristalina Georgieva and other world leaders, Banga outlined the Bank’s ambitious roadmap for reconstruction, resilience, and inclusive economic growth in a world undergoing profound demographic and geopolitical transformation.
Banga began with a note of guarded optimism, citing recent developments in Syria and Gaza as signs that “peace is possible wherever conflict exists — from the DRC to Sudan, Ukraine, Yemen, and beyond.” He stressed that the Bank’s role extends beyond post-war rebuilding to preventing conflict by creating conditions for opportunity and dignity.
“As we hope for peace, we must also prepare for it,” Banga said. “Reconstruction is essential, but so is prevention. Alongside rebuilding what has been lost, we must focus on creating the conditions for stability — because jobs are the straightest line to peace.”
A Demographic Turning Point
Highlighting one of the most consequential shifts in global history, Banga noted that by 2050, 85% of the world’s population will live in what are today considered developing countries. Within the next 15 years, 1.2 billion young people will enter the global workforce, competing for only 400 million jobs — a deficit with far-reaching social and economic implications.
He emphasized the significance of Africa’s population boom, noting that Nigeria alone will grow by 130 million people by 2050, while Zambia and Mozambique will experience dramatic increases.
“These young people—with their energy and ideas—will define the next century. With the right investments, we can turn this surge into a powerful engine of global growth,” he said. “Without purposeful effort, optimism can turn to despair — fueling instability, unrest, and migration.”
Reframing Development: From Need to Opportunity
Under Banga’s leadership, the World Bank Group has redefined its mission around job creation and private-sector-driven growth, supported by faster processes, simplified governance, and stronger financial instruments.
Project approval times have been reduced from 19 months to 12, and some initiatives now clear in under 30 days. The Bank has unified leadership across 40 country offices, streamlined internal systems, and expanded financial capacity by $100 billion, while introducing a corporate scorecard with 22 measurable outcomes.
Banga reaffirmed that 90% of jobs come from the private sector, but governments and multilateral institutions must first create the enabling conditions.
“Entrepreneurs need the right conditions to start, grow, and hire. That’s where we come in — to help governments build foundations, set rules, and unlock private capital,” he stated.
The Three-Pillar Approach to Development
The World Bank’s new operational model rests on three pillars:
- Government-Led Infrastructure and Human Capital — investments in energy, education, healthcare, and digital systems.
- Sound Economic and Policy Environments — clear rules, secure property rights, responsible fiscal and monetary frameworks.
- Private Sector Growth and Risk Mitigation — using IFC, MIGA, and ICSID tools to mobilize capital, insure investments, and encourage entrepreneurship.
This framework, Banga said, will ensure that countries move seamlessly from foundation to policy to capital, translating ambition into jobs and long-term prosperity.
Strategic Focus Sectors
The World Bank has identified five sectors with the highest potential for job creation and sustainable growth:
- Infrastructure and energy
- Agribusiness
- Healthcare
- Tourism
- Value-added manufacturing and critical minerals
These, Banga explained, are not aid-dependent sectors but engines capable of generating local jobs while strengthening global supply chains.
He spotlighted flagship programs like:
- Mission 300 — connecting 300 million Africans to electricity by 2030, with flexibility for countries to use renewable, gas, or nuclear sources.
- Healthcare for 1.5 billion people, beginning with an upcoming Tokyo Summit.
- AgriConnect, doubling financing to $9 billion annually to help farmers move from subsistence to market-linked productivity.
- Minerals and Mining Strategy, shifting countries from raw extraction to processing and manufacturing for higher local value.
Unlocking Private Capital and Smart Development
To mobilize global capital at scale, the Bank is advancing regulatory clarity, guarantees, and local currency lending across 20 countries. It recently launched an originate-to-distribute investment model, successfully securitizing $510 million in IFC loans, with more transactions underway.
Banga also introduced the concept of “Smart Development” — building resilience and institutional strength simultaneously. Nearly 48% of all Bank financing now carries climate co-benefits, with resilience accounting for 43% of the public sector portfolio.
“Smart development is lasting development,” Banga said. “It’s when a road withstands floods, a school stays cool during heatwaves, and a farmer survives drought with technology. These are the investments that endure.”
Raising the Bar for Global Impact
In just two years, the World Bank’s annual financing increased from $107 billion to $119 billion, private capital mobilization surged from $47 billion to $67 billion, and total commitments reached $186 billion.
Through these initiatives, the institution has:
- Empowered 20 million farmers with technology and markets,
- Connected 60 million people to electricity,
- Enabled 70 million people to gain education or new skills, and
- Improved health and nutrition services for 300 million people.
Banga closed his remarks with a reminder that development is not charity — it is strategy.
“When we focus on jobs, we’re not turning away from healthcare, education, or energy — we’re doubling down on all of them. A job is what happens when a school leads to a skill, a road leads to a market, a clinic keeps someone healthy enough to work, and energy powers a business. That’s how we turn investment into impact — and deliver what people want most: a job, a chance, a future, and dignity.”
At the 2025 Annual Meetings, World Bank President Ajay Banga unveiled a bold vision for global development — centered on jobs, private-sector empowerment, and smart resilience. His call to action: unlock opportunity, build trust, and deliver lasting prosperity for billions across developing nations.
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