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World Bank Group President Banga, global tour to write a new World Bank Group playbook

WASHINGTON, USA – World Bank Group president Ajay Banga will begin a months-long global tour this week with a visit to Latin America and the Caribbean. Banga will be in Peru today before heading to Jamaica on June 13, 2023.

The World Bank Group (WBG) vision is ending poverty, promoting inclusive growth, and reducing inequality in Latin America and the Caribbean region while addressing the challenges of climate change and other global issues that will help achieve the sustainable development goals.

The tour is part of a broader effort to reimagine strategic partnerships with other multilateral banks and development organizations, work to identify barriers for private sector investment, deepen the relationships between the World Bank Group and the countries it serves, and identify opportunities to maximize impact through knowledge, financing, and technical assistance.

In Peru, Banga will meet with president Dina Boluarte and minister of economy and finance, Alex Contreras.

World Bank Group strategy in Jamaica

The WBG is supporting the government’s priority to focus on COVID-19 recovery and in three thematic areas: (i) public sector modernization; (ii) enabling environment for private sector growth; and (iii) social and climate resilience.

In Jamaica, he will meet prime minister Andrew Holness and minister of finance and the Public Service Nigel Clarke. In addition, Banga will hold several meetings with representatives from the private sector, civil society, and development partners in both countries, as well as visit World Bank Group operations in areas such as financial inclusion, urban transportation, and agriculture.

At the invitation of Banga, Ilan Goldfajn, president of the Inter-American Development Bank, will join the visit. Banga will also be accompanied by Carlos Felipe Jaramillo, World Bank vice president for Latin America and the Caribbean, and Alfonso Garcia Mora, IFC regional vice president, Europe, Latin America and the Caribbean.

Ajay Banga selected 14th President of the World Bank

WBG portfolio and operations

IBRD Portfolio: The current portfolio consists of six investment projects with total commitments of US$166.24M. The projects support the critical areas of disaster and climate resilience; finance, competitiveness, and innovation; rural development and the environment, natural resources, and the blue economy.

IFC Portfolio: IFC has committed over US$400 million in Jamaica since 2005. The projects have been mostly in tourism, telecommunications, power, services, private equity, and financial markets. IFC’s current portfolio consists of three projects with an original commitment amount of US$75 million.

The advisory services portfolio consists of Respect@WorkCaribbean, an initiative addressing gender-based violence and harassment, and the Jamaica Roads Public Private Partnership Project, for which IFC is lead advisor to the government.

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