Help end poverty, World Bank tells private sector

Wednesday, June 12, 2013

MONTREAL — The World Bank is undertaking an ambitious goal to end extreme global poverty within a generation by encouraging the involvement of the private sector.

“We need you to help bend the arc of history and banish extreme poverty from this Earth forever,” bank president Jim Yong Kim said Tuesday in a speech to the Conference of Montreal.

Currently, the $125 billion a year in official development assistance “pales in comparison to the need,” Kim said.

India alone has 400 million people in extreme poverty and an infrastructure deficit of $1 trillion over the next five years that would eat up all the official aid.

Funding needs total $4.5 trillion if you add the other developing countries, Kim said.

Source: The Chronic Herald (link opens in a new window)

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