World Bank in new development initiative
WASHINGTON (AP) — World Bank President Jim Yong Kim says he is launching a new initiative to meet the massive infrastructure deficit developing countries face — estimated at $1 trillion a year through 2020.
He said Thursday that meeting these needs that will involve tapping into billions of dollars locked up by institutional investors. Money is available to build the roads, bridges, schools these countries need but the South Korean bank president said the challenge is to find projects that are commercially sustainable.
Kim spoke as the annual meetings of the bank and its sister institution, the International Monetary Fund, began.
He said his initiative, the Global Infrastructure Facility, would involve institutional investors such as pension funds, donor nations, multilateral development banks and the World Bank.