The private sector must get involved in tackling global crises as governments alone as governments alone do not have the multiple trillions of dollars required, Ajay Banga, the President of the World Bank, said on Tuesday.
The worlds’ crises, including climate change and future pandemics, are now intertwined, and that the growing gap between the global north and the global south is worrisome, as people in the south feel left behind when it comes to growth, Banga said during the annual Future Investment Initiative (FII) in Riyadh.
“$1 trillion is needed for renewable energy in the emerging markets – for all the challenges, there are many multiple trillions needed,” he said.
Half of the World Bank’s book is in Africa, where the bank is trying to assist with a debt crisis. The World Bank is the biggest source of grand and concession financing for countries in distress, he said.
Source: Zawya
