Evolution of the World Bank Group – A Report to Governors
April 12, 2023
Spring 2023 Development Policy Committee Report to Governors
The World Bank Group (WBG) must evolve in response to the unprecedented confluence of global crises that has upended development progress and threatens people and the planet. The WBG Governors have called for intensified action, building on the historic WBG global crisis response since the onset of the COVID-19 pandemic. The urgency of action continues to escalate given the vast and increasing needs related to poverty reduction and shared prosperity, as well as to respond to accelerating global challenges such as climate change, pandemic risk, and fragility, conflict, and violence (FCV). Led by the WBG Boards of Executive Directors (EDs), the WBG’s evolution process entails ongoing engagement with WBG membership and stakeholders and with WBG Management. This paper reflects progress on the evolution since January 2023, proposing ways to enhance the WBG mission, strengthen its operating model, and adapt its financial model towards regaining lost ground and helping countries achieve the Sustainable Development Goals (SDGs). It lays out actions that can be taken in the short term and others for further considerations after the 2023 Spring Meetings.