VP Kamala Harris underscores poverty eradication, need for innovative approaches, in meeting with World Bank President Ajay Banga

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Vice President Kamala Harris met at the White House with World Bank President Ajay Banga June 5, 2023, in what was the first official U.S. engagement since Banga took over at the international institution.

Harris underscored that the priorities of the administration vis-à-vis the World Bank, centered on efforts to make investments and spur policy reforms that reduce poverty and advance achievement of the Sustainable Development Goals.

A readout from the White House said Harris praised the steps taken to evolve the World Bank—including expanding its mission to include building resilience to global challenges like climate change, pandemics, fragility and conflict.

She underscored that addressing these global challenges is interlinked with and indivisible from the Bank’s work to eliminate extreme poverty and promote shared prosperity.

“The Vice President welcomed President Banga’s commitment and high ambition in driving forward this evolution initiative,” the White House readout said.

The Vice President said Washington would work with World Bank shareholders and President Banga in the leadup to the September G20 Leaders Summit to agree to steps to deliver the following jointly:

• Significant new concessional World Bank financing delivered through a new window or other innovative mechanisms to incentivize action on global challenges across all borrower countries.  A new framework and principles for the targeted use of concessional resources will help deploy new financing to where it is most additional and has the highest impact.
• Enhanced support for addressing the urgent needs of low-income countries, including through contributions to support crisis response in International Development Association recipient countries.

Harris also underscored US commitment to work with the World Bank to develop and implement an action plan to raise the level of ambition in mobilizing private investment.

The Vice President discussed with President Banga her work around the world, from Southeast Asia to Africa to the Caribbean.

The Vice President and President Banga also discussed ongoing work to galvanize private investment in developing countries, particularly in Central America and Africa.

Harris was scheduled to leave June 8,  for The Bahamas to participate in the U.S.-Caribbean Leaders Meeting, alongside President Banga, where the White House said, she will further discuss the U.S. commitment and actions to support sustainable and inclusive economic development in the Caribbean, the readout said.