World Bank – A New Era in Development, 2023

The World Bank acknowledges that the world is currently facing multiple crises, such as climate change, inflation, conflict, food insecurity, the COVID-19 pandemic, natural disasters, and Russia's invasion of Ukraine. Developing countries are the most affected by these challenges. However, the World Bank is committed to working closely with countries, the private sector, civil society, and other multilateral institutions to find sustainable solutions to these problems. Through its Global Crisis Response Framework, the World Bank has approved numerous operations in over 90 countries, providing a total of $72.8 billion in fiscal year 2023. This includes substantial funding for the poorest countries addressing the ongoing impacts of the COVID-19 crisis. The World Bank is also prioritizing climate finance, with a record high of $29.4 billion allocated for climate-related projects. All new financing operations will align with the goals of the Paris Agreement starting in July 2023. The World Bank is determined to learn from the COVID-19 pandemic and strengthen health systems to better prepare for future disease outbreaks. In response to the increased need for support during this critical period, the World Bank Group, along with other multilateral development banks, is planning to provide even more assistance to countries. The World Bank is undergoing an evolution process, focusing on increased financing, deeper engagement with the private sector, and extensive research to develop effective solutions. The resulting Evolution Roadmap, disclosed in January 2023, aims to enhance the World Bank's response to global challenges and support countries in this new era of development.