World Bank needs to reinvent: N K Singh

Feb23,2024



New Delhi: The world Bank is required in a new way And reinvent and harness ourselves to become 'better, bolder and bigger' private capital On the strength of its own balance sheet, said NK SinghCo-Convenor, Expert Group on MDB (Multilateral Development Bank) Reforms.
The World Bank should also look at the possibility of harnessing pension funds to increase their capital base and their ability to finance development projects in developing countries.” While Bretton Woods was the first, it was certainly rebuilt, reorganized and retooled. But there is no substitute for multilateral cooperation, Singh said in a panel discussion at the Raisina Dialogue, 2024. And that's why it's better, bolder and bigger.”
A high-level expert group led by NK Singh and former US Treasury Secretary Larry Summers was set up by the G20 under India's chairmanship. In its report, the group proposed a 30-point roadmap to reform MDBs and triple their lending by 2030, including attracting private investors and introducing pooled portfolio guarantees. Currently, there are 17 MDBs, including the ADB, the African Development Bank, the European Bank for Reconstruction and Development, and the Inter-American Development Bank. The Bretton Woods institutions, including the World Bank and the IMF, were established to finance reconstruction activities after World War II.



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