It’s all about dignity and prosperity for all
I believe that we don’t need to work for a development organization or an NGO to make our contribution to creating a better world. We can all join forces to end poverty and build shared prosperity by being good at what we do best, with the goal of creating large value and making a positive impact for the poorest.
On September 22, 2016, I received a letter co-signed by the World Bank Group and the International Monetary Fund, inviting me to attend their 2016 Annual Meetings.
October 4, 2016 — October 9, 2016: I spent amazing time in Washington D.C., having deep and interesting discussions with inspiring people about our world’s challenges and the possible ways to overcome those challenges.
About 2 months later, I feel like I have to share some facts and thoughts.
I was impressed by the number and diversity of people who came from all over the world and left their messages, which can be summed up in one sentence: Together, WE THE PEOPLE, can build a world free of poverty!
Here are their words:
It’s about financing development: moving from billions to trillions
They were from the World Bank and the private sector:
o Philippe Le Houérou — Executive Vice President and CEO, IFC
o Gavin Wilson — IFC Asset Management Company, CEO
o Theresa Barger — CEO and Chief Investment Officer, Cartica Management
o Afsaneh Beschloss — Founder, CEO and President, Rock Creek Group
o Andreas Gruber — CIO, Allianz
o Thomas Konditi — President and CEO, Africa GE Transportation
o Emmanuelle Nasse-bridier — Chief Credit Officer, AXA
They sat together to think about the challenges and opportunities of mobilizing private finance for development. They agreed that the private sector and innovative financing approaches have a key role to play in financing the 2030 development Agenda. The main question was the following: What need to be changed to move from billions to trillions?
Nozipho Mbanjwa, Anchor at CNBC Africa, moderated the discussions.
Takeaways:
“The only way we will achieve this goals is mobilizing and capitalizing private capital.” -Gavin Wilson - IFC Asset Management Company, CEO
“We need to shift the way we do business. How to create new markets and opportunities? We need to work with public sector. We need the regulation. We need the enabling environment […].” — Phillipe Le Houérou, Executive Vice President and CEO, IFC
“The regulatory environment is complex and might change quickly. We need to deliver stable returns for our clients. We have to combine investment need and necessary stability […]. We have to support emerging markets and you have to support us to enable investment.” — Andreas Gruber, CIO, Allianz
“For innovative projects, we need innovative finance. Every government in the world now is aligned to actually work for the benefit of their people.” — Theresa Barger, CEO and Chief Investment Officer, Cartica Management
“We need to know what we want to do, where we want to do it, how we want to do it, and with whom we want to do it. If we invest in developing markets, it is also to enable developing markets to have access to much more insurance products […]. We will be successful because we have no other choices.” — Emmanuelle Nasse-bridier, Chief Credit Officer, AXA
“We don’t need expensive technologies to make a difference; we have to do something a thousand times different. I don’t need a year to negotiate, I need a week.” — Thomas Konditi, President and CEO, Africa GE Transportation
It is about “Doing well and doing good.” — Afsaneh Beschloss, Founder, CEO and President, Rock Creek Group
Youth has the floor: Ideas for Action Competition
Have you heard about “Ideas for Action (I4A)” Competition before?
Well, Organized by the World Bank Group and the Wharton Business School, it is a call for ideas for the implementation of the SDGs (sustainable development goals). Young people under 35 are invited to make innovative proposals to find and finance solutions to deliver the post-2015 development agenda. This year, more than 490 teams registered from 125 countries: about 1,550 students and young professionals.
Annually, during the WBG and IMF Meetings, the I4A initiative brings together global thinkers and young leaders who took part in the competition to talk about innovative ideas to finance the future of development. This year, the summit was split in two events. The first event was held at the World Bank Headquarters, and the second event was held the George Washington University.
The speakers at the World Bank were as follow:
o Joaquim Levy — Managing Director and CFO, World Bank Group
o Mahmoud Mohieldin — Senior Vice President for 2030 Development Agenda, United Nation Relations and Partnerships, World Bank Group
o Nena Stoiljkovic — Vice President for Global Client Services, IFC
o Prof. Djordjija Petkoski — Lecturer and Senior Fellow, Wharton Business School
o Tara Nathan — Executive Vice President, PPP, MasterCard
o Mr Emaka Nnodu — Team DLVR, Winning Team, Nigeria
o Mr Rafael Cavestany — Team OINCS, Snd place, Uruguay
The top proposals are compiled in the I4A Competition book, which is co-published by the World Bank Group and the Wharton School.
The 2017 competition is launched! Please visit the I4A Website for more information.
Infrastructures really matter!
It was “the plenary session for the Global Infrastructure Facility, a collaborative platform that brings together governments, multilateral banks, and private sector investors into a single platform. It focuses on infrastructure investment in emerging markets and developing economies, which is necessary to expand access to basic services, raise living standards, reduce poverty and enable sustainable growth.” (Official description)
The speakers:
o Joaquim Levy — Managing Director and CFO, World Bank Group
o Kemi Adeosun — Minister of Finance, Nigeria
o Nasser Malik — Managing Director, Citigroup
o William Francis Morneau — Minister of Finance, Canada
o Macky Tall — EVP, Infrastructure, and President and CEO, CDPQ Infra, La Caisse de dépôt et placement du Québec
Moderator: Stephanie Ruhle — Journalist and News Anchor, MSNBC
Kemi Adeosun — Minister of Finance, Nigeria:
“There is an expectation for people that the government will deliver infrastructure.”
“We are looking for regulatory framework that will enable investors to come in.”
“The private capital is additional; it doesn’t replace responsibilities of governments to provide a certain level of infrastructure.”
“It would take time; it’s new; it’s risky. There is a need for return; there is a need for growth. Investors need to feel very comfortable.”
“We have to provide standard of living that keep young African in Africa.”
Early youth as a key asset to invest in!
They were all there to explain how early youth well-being is capital:
o Jim Yong Kim — President, World Bank Group
o Sri Mulyani Indrawati — Minister of Finance, Indonesia
o Gervais Rakotoarimanana — Minister of Finance, Madagascar
o Daniel Kablan Duncan — Prime Minister, Cote d’Ivoire
o Waqar Masood Khan — Finance Secretary, Pakistan
o Amadou Ba — Minister of Economy, Finance and Planning, Senegal
o Philip Isdor Mpango — Minister of Finance and Planning, Tanzania
o Ato Abdulaziz Mohammed — Minister of Finance and Economic Cooperation, Ethiopia
o Louis Paul Motazé — Minister of Economy, Planning and Regional Development, Cameroon
Moderator: Julie Gichuru, TV Host, Africa Leadership Dialogues
“Investing in the early years is one of the smartest investments a country can make to break the cycle of poverty, address inequality, and boost productivity later in life. Today, millions of young children are not reaching their full potential because of inadequate nutrition, lack of early stimulation and learning, and exposure to stress. Investments in the physical, cognitive, and emotional development of children — from before birth until they enter primary school — are critical for the future productivity of individuals and for the economic competitiveness of nations. Join us as country leaders share their commitments to reduce chronic malnutrition in children and expand access to early childhood development services by 2020.” (Official description)
Governance? Essential!
To DOs: Increase accountability; transparency; improve services engagement, etc.
This event provided an opportunity for a panel of leaders from the public sector, academia, and civil society to reflect on the expectations of citizens and the roles of governments, including service delivery, tax collection, and creation of an environment enabling private sector growth.
