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World Bank Annual Report: “End extreme poverty. Promote shared prosperity.”

Oct 11, 2013 | News

(11 October 2013) – In its Annual Report 2013 published a few days ago, the World Bank Group believes it is possible to end extreme poverty at the global level by 2030.

The percentage of people living in extreme poverty in 2013 is less than half of what it was in 1990, according to the World Bank Group which comprises the International Bank for Reconstruction and Development (IBRD) and the International Development Association (IDA).

Based on this trend, it is possible to envision a world in which extreme poverty has effectively been eliminated within a generation, also according to the Group. Yet today, more than 1 billion people worldwide are still destitute, inequality and social exclusion seem to be rising in several countries, and many urgent and complex challenges must be overcome to maintain the recent momentum in poverty reduction.

In this context, the World Bank Group has established “ambitious but achievable” goals on which to anchor its work in meeting these historic challenges. Specifically, the institution “will strive to end extreme poverty at the global level by 2030 and to promote shared prosperity in developing countries, which will entail fostering income growth for the bottom 40 percent of the population.”

This year, the World Bank Group committed $52.6 billion in loans, grants, equity investments, and guarantees to its members and private businesses. The commitments from IBRD totaled $15.2 billion, compared to $20.6 billion in 2012. IDA, the Bank’s fund for the poorest, made commitments of $16.3 billion, compared to $14.8 billion in 2012.

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