{"id":85147,"date":"2024-04-14T00:00:00","date_gmt":"2024-04-14T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/ksa\/2024\/04\/14\/faster-approvals-simpler-structure-and-more-impact-will-be-hallmarks-of-world-bank-its-chief-says\/"},"modified":"2024-04-14T00:00:00","modified_gmt":"2024-04-14T00:00:00","slug":"faster-approvals-simpler-structure-and-more-impact-will-be-hallmarks-of-world-bank-its-chief-says","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/ksa\/2024\/04\/14\/faster-approvals-simpler-structure-and-more-impact-will-be-hallmarks-of-world-bank-its-chief-says\/","title":{"rendered":"Faster approvals, simpler structure, and more impact will be hallmarks of World Bank, its chief says"},"content":{"rendered":"

World Bank Group President Ajay Banga kicked off the IMF and World Bank <\/strong>Group\u2019s <\/strong>spring meetings last Thursday with a press conference <\/strong>at which he talked about challenges facing the global economy and how the group plans to expand its role in addressing them (watch, runtime: 34:26<\/a>). The online presser was embargoed until the following day and aired in a recorded live-streaming video format.<\/p>\n

What to expect this week: <\/strong>The group has recently struck partnership agreements with the Inter-American Development Bank and the Islamic Development Bank and is expected to announce two additional agreements this week, according to Banga. Expect the group to spill the beans about its new climate outcomes tracking approach which focuses primarily on impact, Banga added.<\/p>\n

G20 wants the WB Group to play a larger role on the global scale: <\/strong>Banga touched on some of the most-talked-about global issues including climate change, food insecurity, pandemics, poverty, and scarce resources, saying that \u201cG20 leaders challenged the World Bank Group to change and to be a bigger part of the solution,\u201d with the bloc providing a roadmap of 27 recommendation for the group to boost the speed <\/strong>and simplicity <\/strong>of its processes, \u201cleveraging our [the group\u2019s] balance sheet<\/strong>, engaging partners <\/strong>and the private sector<\/strong>.<\/p>\n

A faster approval process: <\/strong>The WB Group has already cut its approval process by three months and is on track to cut it by another three months by the end of 1H 2025. \u201cA few months ago, the average World Bank project approval process took 19 months,\u201d said Banga.<\/p>\n

Simpler organizational structure: <\/strong>Starting from 2H 2024 UN lenders including the International Bank for Reconstruction and Development (IBRD), the International Development Association (IDA), the International Finance Corporation (IFC), and the Multilateral Investment Guarantee Agency (MIGA) \u201cwill have a single joint country representative in 20 countries,\u201d Banga added.<\/p>\n

More bucks for more bang: <\/strong>The group has liberated USD 40 bn over the past 10 years from its balance sheet by adjusting its loan to equity ratio to be able to take part in more projects with bigger investments. The group plans to use some of its tools including the portfolio guarantee mechanism, and the hybrid capital instrument \u201c to leverage every dollar we receive, six to eight times over the coming decade,\u201d Banga explained.<\/p>\n

A new fund for cross-border projects: <\/strong>Earlier this month, the group \u201cbegan offering 50-year financing through IBRD at no additional cost for projects that provide cross-border benefits,\u201d said Banga, adding that the group has launched a \u201cLivable Planet Fund that can be funded by governments, but also by philanthropies,\u201d<\/strong> to finance these new incentives. \u201cAll these instruments, what they do is they help us support the ambitions of middle-income countries, but we must do all we can to lift up lower-income countries,\u201d he highlighted.<\/p>\n

Mobilizing funds for lower-income countries:<\/strong> The IDA replenishment is coming up at the end of 2024 and the group is aiming to pool together generous funds to refill the association\u2019s coffers. \u201cIDA is the largest source of concessional financing for lower-income countries,\u201d said Banga.<\/p>\n

Data openness to encourage private investment in developing economies<\/strong>: \u201cLast month, we started to publish our proprietary data as a global public good to kind of inspire investor confidence,\u201d said Banga, explaining that the group started by publishing private sector data by country income level, private sector default data categorized by credit rating, and sovereign default and recovery rate statistics dating back to 1985.<\/p>\n

Two new platforms in the pipeline: <\/strong>A new guarantee platform will be introduced this summer, promising enhanced simplicity, accessibility, and faster payment processing, said Banga, adding that this move will set the stage to increase annual guarantee issuances by 3x to USD 20. Additionally, the group is working on bringing a securitization platform online in a bid to bring some of the USD 70 tn managed by pension funds, sovereign wealth funds, and ins. Companies globally to emerging markets.<\/p>\n

<\/a><\/a> <\/p>\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

<\/use><\/svg><\/p>\n<\/td>\n\n

TASI<\/strong><\/p>\n<\/td>\n

\n

12,705<\/p>\n<\/td>\n

\n

+0.7% (YTD: +6%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

MSCI Tadawul 30<\/strong><\/p>\n<\/td>\n

\n

1,631<\/p>\n<\/td>\n

\n

+1% (YTD: +5%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

NomuC<\/strong><\/p>\n<\/td>\n

\n

26,253<\/p>\n<\/td>\n

\n

+0.7% (YTD: +7%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

USD : SAR (SAMA)<\/strong><\/p>\n<\/td>\n

\n

3.75 Sell<\/p>\n<\/td>\n

\n

3.75 Buy<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Interest rates<\/strong><\/p>\n<\/td>\n

\n

6.5% repo <\/p>\n<\/td>\n

\n

5.5% reverse repo<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

EGX30 <\/strong><\/p>\n<\/td>\n

\n

28,504<\/p>\n<\/td>\n

\n

+1.3% (YTD: +14.5%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

ADX<\/strong><\/p>\n<\/td>\n

\n

9,237<\/p>\n<\/td>\n

\n

-0.02% (YTD: -3.6%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

DFM<\/strong><\/p>\n<\/td>\n

\n

4,244<\/p>\n<\/td>\n

\n

-0.1% (YTD: +4.5%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

S&P 500<\/strong><\/p>\n<\/td>\n

\n

5,123<\/p>\n<\/td>\n

\n

-1.5% (YTD: +7%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

FTSE 100<\/strong><\/p>\n<\/td>\n

\n

7,996<\/p>\n<\/td>\n

\n

+0.9% (YTD: +3%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Euro Stoxx 50<\/strong><\/p>\n<\/td>\n

\n

4,955<\/p>\n<\/td>\n

\n

-0.2% (YTD: +9.6%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Brent crude<\/strong><\/p>\n<\/td>\n

\n

91<\/p>\n<\/td>\n

\n

+0.8%<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Natural gas <\/strong>(Nymex)<\/p>\n<\/td>\n

\n

1.78<\/p>\n<\/td>\n

\n

+0.3%<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Gold<\/strong><\/p>\n<\/td>\n

\n

2,374<\/p>\n<\/td>\n

\n

+0.1%<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

BTC<\/strong><\/p>\n<\/td>\n

\n

66,865<\/p>\n<\/td>\n

\n

-2.4% (YTD: +61%)<\/p>\n<\/td>\n<\/tr>\n<\/table>\n<\/div>\n

\n

THE CLOSING BELL: TADAWUL-<\/p>\n

The TASI<\/strong> rose 0.6% on Thursday, 4 April,<\/strong>on turnover of SAR 7.9 bn. The index is up 6.2% YTD.<\/p>\n

In the green: <\/strong>AlAkaria (+7.3%), Al Khaleej TRNG (+6.7%) and AlArabia (+6%).<\/p>\n

In the red:<\/strong> Sinad Holding (-6.1%), ADES (-5.3%) and Arabian Drilling (-4.5%).<\/p>\n

\n

THE CLOSING BELL: NOMU-<\/p>\n

The NomuC<\/strong> rose 0.7% on Thursday, 4 April,<\/strong>on turnover of SAR 42.4 mn. The index is up 7% YTD.<\/p>\n

In the green:<\/strong> Al Muneef (+12.5%), NGDC (+10%) and Al Modawat (+9.6%).<\/p>\n

In the red:<\/strong>Paper Home (-8%), APICO (-6.2%) and Atlas Elevators (-2.3%)<\/p>\n","protected":false},"excerpt":{"rendered":"

The group wants to cut its 19-months approval process by a third by mid 2025<\/p>\n","protected":false},"author":1,"featured_media":85148,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[2565],"tags":[1762,19,10,790,2689,59,1764,1763],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-85147","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-planet-finance","tag-ajay-banga","tag-banking","tag-enterpriseam-ksa","tag-international-monetary-fund","tag-investment","tag-planet-finance","tag-spring-meetings","tag-world-bank-group","wpautop","entry"],"acf":{"mongo_id":"a3764557-1df1-492e-b442-09323f7d4c2f","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/4\/770.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Faster approvals, simpler structure, and more emhasis on impact will be hallmarks of World Bank, its chief says","related_issue":[85136],"teaser":"The group wants to cut its 19-months approval process by a third by mid 2025","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/4\/.04181974-e9b2-48a7-a704-d988fbfc2390.mp3"},"yoast_head":"\nFaster approvals, simpler structure, and more impact will be hallmarks of World Bank, its chief says - 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