World Bank Group Strategy. October 2013

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1 World Bak Group Strategy October 2013

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3 Cotets Executive Summary 1 World Bak Group Strategy 5 1. Itroductio 5 A. The Developmet Ageda for Reducig Poverty ad Sharig Prosperity 6 B. Focusig the WBG o the Goals 6 2. Global Cotext 8 A. Shifts i the Global Ecoomy 8 B. The Chagig Face of Poverty ad Prosperity 9 C. A Globally Coected World 10 D. The Challege of Climate Chage 11 E. Global Risks ad Volatility Repositioig the WBG 13 A. WBG Value Propositio 13 B. WBG Stregths 13 C. Deliverig o the Value Propositio Meetig Developmet Challeges 17 A. Developmet Challeges Coutries Face 17 B. Respodig to Coutry Demads 18 C. Supportig the Private Sector 19 D. Regioal ad Global Egagemet Becomig a Solutios WBG 21 A. Usig Kowledge for Solutios 21 B. Achievig Results through the Sciece of Delivery 21 C. Seekig Trasformatioal Egagemets 23 D. Takig Smart Risks Operatioalizig the Goals at the Coutry Level 25 A. Improvig the Focus of Coutry Programs 25 B. Stregtheig WBG Regioal Coordiatio 26 WORLD BANK GROUP STRATEGY iii

4 7. Workig with Parters toward the Goals 27 A. Workig with Parters 27 B. Aligig Parterships with the Goals 27 C. Parterig with the Private Sector Workig as Oe World Bak Group 30 A. Scalig Up Collaboratio 30 B. Joit Learig ad Collaboratio Outcome of the Strategy 32 A. Key Outcomes of the Strategy 32 B. Implemetig the Strategy 33 Figures Figure 1 Patters of Global Growth ad GDP 8 Figure 2 Global Extreme Poverty ad Iequality 10 Figure 3 Extreme Poverty, Poverty, ad GDP per Capita 11 Figure 4 Natural Disasters ad CO 2 Emissios 12 Figure 5 IBRD ad IDA Commitmets 16 Boxes Box 1 Previous World Bak Group Strategic Exercises 7 Box 2 The Evolvig Structure of Developmet Assistace 9 Box 3 Iteratioal Developmet Associatio 15 Box 4 Africa s Developmet Challeges 17 Box 5 The Challege of Geder Equality 19 Box 6 Sector Expertise across WBG Agecies 22 Box 7 Examples of Trasformatioal Egagemets 24 Box 8 Parterig i the Great Lakes Regio of Africa 28 Box 9 Iitiatives to Improve WBG Collaboratio 30 Box 10 Potetial Areas for WBG Strategy Results Framework 33 Abbreviatios ad Acroyms AU Africa Uio CAS Coutry Assistace Strategy CO 2 Carbo Dioxide CPF Coutry Partership Framework CPS Coutry Partership Strategy CSO Civil society orgaizatio ESMID Efficiet Securities Markets Istitutioal Developmet EU Europea Uio FCS Fragile ad coflict-affected situatio GAVI Global Alliace for Vaccies ad Immuisatio GDP Gross domestic product GEF Global Eviromet Facility GFATM Global Fud to Fight AIDS, TB ad Malaria IBRD Iteratioal Bak for Recostructio ad Developmet ICSID Iteratioal Cetre for the Settlemet of Ivestmet Disputes IDA IFC IT MDB MDG MIC MIGA ODA RCM SADC SCD SMEs UN VPU WBG Iteratioal Developmet Associatio Iteratioal Fiace Corporatio Iformatio techology Multilateral developmet bak Milleium Developmet Goal Middle-icome coutries Multilateral Ivestmet Guaratee Agecy Official developmet assistace Regioal Coordiatig Mechaism Souther Africa Developmet Commuity Systematic Coutry Diagostic Small ad medium eterprises Uited Natios Vice presidetial uit World Bak Group iv WORLD BANK GROUP STRATEGY

5 Executive Summary 1. This Strategy outlies how the World Bak Group will work i partership to help coutries ed extreme poverty ad promote shared prosperity i a sustaiable maer. The World Bak Group (WBG) has set two ambitious goals: Ed extreme poverty: reduce the percetage of people livig o less tha $1.25 a day to 3 percet by ot flag i the future. This broad ageda requires actios at the coutry, regioal, ad global levels. A. GLOBAL CONTEXT 3. Importat global treds uderscore the eed for a ew WBG strategy to adapt to fast-movig challeges ad opportuities. Promote shared prosperity: foster icome growth of the bottom 40 percet of the populatio i every coutry. Securig the log-term future of the plaet ad its resources, esurig social iclusio, ad limitig the ecoomic burdes o future geeratios will uderpi efforts. The goals, ad the parterships eeded to achieve them, are well aliged with the iteratioal commuity s efforts to reach the MDGs ad establish a ambitious post-2015 ageda. 2. The two goals emphasize the importace of ecoomic growth, iclusio ad sustaiability icludig strog cocers for equity. Ecoomic growth that creates good jobs requires actio to stregthe both the private ad public sectors. Iclusio etails empowerig all citizes to participate i, ad beefit from, the developmet process, removig barriers agaist those who are ofte excluded. Sustaiability esures that today s developmet progress is ot reversed tomorrow ad that the pace of progress does Although the global extreme poverty rate has falle by half sice 1990, progress i the developig world has bee ueve. Extreme poverty remais widespread i most low-icome coutries. Roughly half of low-icome coutries are classified as fragile ad coflict-affected (FCS), posig particular challeges. May middle-icome coutries cotiue to have substatial levels of extreme poverty, ad may people who have escaped extreme poverty remai poor ad vulerable. Furthermore, progress i sharig prosperity is decidedly mixed: i may coutries growth is accompaied by risig iequality. Developig coutries strog ecoomic performace is shiftig the world s ecoomic ceter of gravity, the private sector is drivig employmet growth ad trasformig livig stadards, private ivestmet has become the domiat mode of capital trasfer worldwide, ad fiacig for developmet is comig from more diverse sources. 1

6 A truly global commuity has emerged through major icreases i coectivity. Climate chage threates the sustaiability of poverty reductio ad shared prosperity. Maagig risks ad volatility is icreasigly critical i a globally itercoected world that is depedet o iteratioal markets. B. REPOSITIONING THE WBG 4. The WBG Strategy builds o a strog foudatio; what is ew is the sigular focus o the two goals i a rapidly chagig global cotext. The WBG offers a platform where the perspectives of all coutries ad citizes ca be brought to bear. The WBG s global reach ca help shape the iteratioal commuity s respose to crisis ad volatility ad to complex threats like climate chage, which require cocerted actio at all levels. I a world where the private sector is drivig growth ad capital flows, the WBG ca help the public ad private sector work together, usig official developmet assistace to leverage private ivestmet. To esure that citizes are empowered, the WBG ca build o its ope data, ope kowledge, ad social media iitiatives to make kowledge more accessible. Fially, the WBG ca offer solutios that itegrate fiace with kowledge eriched through global etworks, world-class research, ad hads-o implemetatio experiece. 5. Operatig as Oe Group, the WBG iteds to work with the public ad private sectors i partership to ed extreme poverty ad boost shared prosperity sustaiably through a value propositio to: Cotribute to the global developmet ageda through dialogue ad actio o ogoig ad emergig developmet challeges, brigig the perspectives of all its member coutries. Support cliets i deliverig customized developmet solutios backed by fiace, kowledge, ad coveig services. Help advace kowledge about what works, combiig the world s leadig developmet research ad practitioer experiece with a commitmet to trasparecy, ope data, global outreach, ad kowledge dissemiatio. 6. To deliver o the value propositio, the WBG eeds to repositio itself. It eeds to ivest i kowledge, techical skills, iformatio techology, ad the solutios platform, break dow silos, focus o multi-sector approaches, ad icrease flexibility ad speed up delivery. The WBG eeds to crowd i resources, experiece, ad ideas more effectively through parterships ad to deepe global egagemets that are aliged with the two goals. It eeds to stregthe its coutry egagemet model ad support evidece-based public policy. It also eeds to develop a ew framework for medium-term fiacial sustaiability to esure that its resources are commesurate with the roles ad resposibilities it carries out o behalf of the iteratioal commuity. C. MEETING DEVELOPMENT CHALLENGES 7. As a global multilateral istitutio, the WBG will customize its support to member coutries eeds to ed poverty ad promote shared prosperity sustaiably. As the traditioal groupig of developig coutries ito icome categories becomes less relevat, more attetio is eeded to the multiple facets of fragility ad resiliece across the icome spectrum. While meetig the eeds of poor coutries will remai a high priority for the WBG, it will also cotiue to help middle- ad upper-middleicome coutries sustai progress toward the goals ad to support higher-icome coutries, otably durig times of distress. The specific challeges of coutries strugglig with fragility, ad the particular eeds of small ad islad states, will receive critical attetio. 8. The WBG will use evidece to alig all its activities with the two goals, maximize developmet impact, ad draw o its comparative advatages. The WBG will support coutry-specific policies ad ivestmets that stregthe growth, iclusio, ad sustaiability icludig support for job creatio, good goverace ad aticorruptio, geder equality, evirometal sustaiability, ad crisis respose. It will emphasize drawig i multiple stakeholders. The WBG will also cotiue to help coutries improve the busiess eviromet, ad to support the private sector i overcomig costraits to ivestmet ad growth to create jobs; promote iovatio, techology, ad skills trasfer; ad develop supply chais ad export markets. With its ability to work with both public ad private sector cliets, the WBG will icreasigly promote public-private parterships. 9. The WBG will stregthe the strategic aligmet of its regioal ad global egagemets with the two goals. The WBG faces growig demads for egagemet at the 2 WORLD BANK GROUP STRATEGY

7 regioal ad global levels, ad demads for services ragig from iteratioal stadard-settig to coveig o global agedas. Global ad regioal egagemets represet a importat opportuity to ehace developmet impact, but this rapidly growig role also places additioal demads o the WBG that it must esure are aliged with the goals. D. BECOMING A SOLUTIONS WBG 10. Helpig accelerate progress toward the two goals demads a ew form of problem-solvig egagemet by the WBG oe that moves defiitively from a project metality to a developmet solutios culture embedded i widely dissemiated kowledge ad evidece of what works ad how to deliver it. Systematically supportig cliets i deliverig customized solutios that itegrate kowledge ad fiacial services ad ecompass the complete cycle from policy desig through implemetatio to evaluatio of results lies at the heart of the WBG s value propositio. To icrease developmet impact, delivery speed, ad agility, the WBG will maage risk better, focusig o smart risk-takig while preservig its iteratioally respected fiduciary, itegrity, ad safeguards orms. It will establish global practices, which will combie the established stregths of local delivery support with the ability to geerate, share, ad deploy kowledge from iside ad outside the WBG facilitatig rapid respose to cliet demads for support i tacklig complex developmet challeges. Buildig o its existig results orietatio, the WBG will focus o how its egagemets cotribute cocretely to the sustaiable achievemet of the two goals, as well as how to moitor ad measure results as Oe WBG. I partership with others, the WBG will help to build the sciece of delivery evaluatig whether a itervetio is havig the iteded outcomes, adaptig or alterig it, ad fosterig the geeratio ad exchage of kowledge about what works. 11. The WBG will idetify ad support egagemets with the potetial for trasformatioal impact. Trasformatioal egagemets produce demostratio effects that ca be replicated or scaled up; geerate spillover effects o multiple sectors of the ecoomy, icludig broader chages that icrease govermet effectiveess or stimulate private ivestmet; result i far-reachig impacts; or help cliet coutries, regios, or eve the etire developig world shift to a higher ad/or more sustaiable developmet path. E. OPERATIONALIZING THE GOALS 12. The WBG will stregthe the focus of its coutry programs by developig a more evidece-based ad selective coutry egagemet model i the cotext of coutry owership ad atioal priorities, ad i coordiatio with other developmet parters. A Systematic Coutry Diagostic (SCD) will use data ad aalytic methods to support coutry cliets ad WBG teams i idetifyig the most critical costraits to, ad opportuities for, reducig poverty ad buildig shared prosperity sustaiably, while explicitly cosiderig the voices of the poor ad the views of the private sector. The Coutry Partership Framework (CPF) will describe focus areas for WBG support, aliged with the coutry s ow developmet ageda ad selected primarily to address the key costraits ad opportuities idetified i the SCD. Performace ad Learig Reviews will idetify ad capture lessos; determie midcourse correctios, ed-of-cycle learig, ad accoutability; ad help build the WBG s kowledge base, icludig effective approaches for itegratig iclusio ad sustaiability dimesios (icludig geder ad evirometal sustaiability) ito the SCD ad CPF. A ew Regioal Coordiatig Mechaism will formalize coutry-ad regioal-level coordiatio amog the Bak, IFC, ad MIGA. The RCM will help the WBG with its regioal egagemets. F. WORKING WITH PARTNERS 13. Meetig the goals demads deepeig parterships across the developmet spectrum. Successfully overcomig the toughest developmet challeges requires cocerted actio at all levels. The WBG caot do it aloe. It will build o existig collaborative relatioships ad develop ew parterships to help address key developmet issues i a way that o sigle agecy or coutry ca. It will also step back where others have clear comparative advatage ad will actively support leadership roles for parter orgaizatios. The WBG will esure that its parterships are well aliged with the goals ad will draw o its comparative advatages; to this ed, the Bak has lauched the ext phase of trust fud reform ad developed a maagemet framework to stregthe the strategic aligmet of its partership egagemets. Private sector resources ad expertise are critical to achieve the two goals. The WBG has logstadig experiece i mobilizig private parters ad will WORLD BANK GROUP STRATEGY 3

8 expad those efforts, icludig through IFC s ew cliet relatioship model. Promote scaled-up parterships that are strategically aliged with the goals, ad crowd i public ad private resources, expertise, ad ideas. G. WORKING AS ONE WORLD BANK GROUP 14. Workig as Oe WBG is cetral to the WBG Strategy. Collaboratio across the WBG will be icreased systematically, ad plaig ad budgetig processes will be better coordiated at the corporate level. This will take time, cocerted effort, ad a cotiual chage process. The ew CPF will maistream joit busiess plaig as the backboe for stregtheig operatioal collaboratio. The WBG will icrease the umber of joit projects ad review its portfolio of products ad services to improve syergies ad elimiate overlap. These iitiatives will be reiforced by stepped-up efforts to alig policies ad practices ad promote chages to the operatioal cultures of each agecy. The WBG will develop metrics for istitutioal collaboratio; move to harmoized policies for the WBG i a maer that is cosistet with the Bak s Articles of Agreemet ad that recogizes the differet eeds of public ad private sector cliets; address coflict-of-iterest issues; ad step up traiig. H. OUTCOME OF THE STRATEGY 15. The Strategy evisages a repositioed WBG that has catalyzed the developmet commuity to seize the opportuity to wi the age-old struggle agaist poverty ad exclusio. The repositioed WBG will: Alig all WBG activities ad resources to the two goals, maximize developmet impact, ad emphasize WBG comparative advatage. Operatioalize the goals through the ew coutry egagemet model to help coutry cliets idetify ad tackle the toughest developmet challeges. Be recogized as a Solutios WBG, offerig world-class kowledge services ad customized developmet solutios grouded i evidece ad focused o results. Seek trasformatioal egagemets ad take smart risks. Work as Oe World Bak Group committed to achievig the goals. 16. The Strategy will be carried out through implemetatio plas that support a effective ad efficiet WBG. The repositioed WBG will be supported by a realiged fiacial strategy based o the priciple of fiacial sustaiability ad supported by a Oe WBG approach that will better serve cliets. Resources will be aliged to the Strategy, ad WBG efficiecy will be improved. Steps will be take to stregthe WBG leadership, values, ad culture. Huma resource maagemet will be improved to urture ad sustai the WBG s greatest asset its dedicated ad experieced staff. Implemetatio of the Strategy ad the chage process will be moitored regularly ad reflected i the Corporate Scorecard as it is revised. Periodic cliet surveys will gauge the degree of cliet satisfactio as the ultimate measure of success. 17. The opportuity is historic, but bold steps will be eeded, ad the risks are multifold. The WBG faces sigificat risks to deliverig o its commitmet to the two goals, particularly if it falters i implemetig the actios idetified i the Strategy. Maagemet will eed to meet its commitmet to keep the WBG reletlessly focused o the goals, to offer cliets world-class developmet solutios, ad to operate truly as Oe World Bak Group, as well as to move ahead with chages to make the orgaizatio more efficiet ad stroger. Cotiued strog egagemet with the Board of Executive Directors ad the Goverors will be decisive to address key areas such as the budget ad fiacial sustaiability, ad to support the shift to a Solutios WBG. Achievig the goals depeds o each member govermet ad the iteratioal commuity as a whole demostratig the political will to focus o the poor ad disadvataged, ad to act i partership with the private sector ad civil society. Effective global actio requires that all coutries ad multilateral istitutios demostrate a reewed capacity to collaborate. Together, we ca do what it takes to ed poverty ad build shared prosperity i our time. 4 WORLD BANK GROUP STRATEGY

9 World Bak Group Strategy 1. INTRODUCTION 1. At the World Bak Group s 2013 Sprig Meetigs, a milestoe was reached i the effort to achieve a world free of poverty. The Developmet Committee edorsed two goals to guide World Bak Group (WBG) actio: To ed extreme poverty: reduce the percetage of people livig o less tha $1.25 a day to 3 percet by To promote shared prosperity: foster icome growth for the bottom 40 percet of the populatio i every coutry. 2. The WBG is committed to supportig coutries i reducig poverty ad buildig shared prosperity i a sustaiable maer. Evirometal, social, ad ecoomic sustaiability require actio to secure the future of the plaet, esure social iclusio, ad set a solid foudatio for the well-beig of future geeratios. A global commitmet to evirometal sustaiability icludig stroger collective actio to support climate chage mitigatio ad adaptatio Note: The World Bak Group Strategy covers the Iteratioal Bak for Recostructio ad Developmet (IBRD), the Iteratioal Developmet Associatio (IDA), the Iteratioal Fiace Corporatio (IFC), ad the Multilateral Ivestmet Guaratee Agecy (MIGA). It does ot apply to the Iteratioal Cetre for the Settlemet of Ivestmet Disputes (ICSID). IBRD, IDA, IFC, ad MIGA are referred to as the agecies of the World Bak Group i this paper. is essetial to achieve the goals i a world of fiite plaetary boudaries ad atural resources. 3. The gais made i the fight agaist poverty over recet decades create the opportuity to realize the two goals ad uderscore the feasibility of doig so. The world met the first Milleium Developmet Goal (MDG) to halve extreme poverty five years ahead of schedule. Still, more tha oe-half of the world s people live i poverty ad deprivatio. Some 1.2 billio people (18 percet of the world s populatio) live i extreme poverty o less tha $1.25 per day. Aother 2.7 billio livig o $1.25-$4 per day are poor, ad are vulerable to fallig ito extreme poverty. A era of uprecedeted ecoomic progress ad abudace for the privileged has created the meas for edig extreme poverty ad buildig shared prosperity for all. 4. Reducig extreme poverty ad sharig prosperity are ultimately about erichig the life ad eablig the potetial of every huma beig. Icome is a simple, trasparet measure of progress toward the goals. However, edig poverty ad promotig shared prosperity are uequivocally about the full dimesios of well-beig icludig huma capital developmet, geder equality, empowermet, voice ad participatio, ad freedom from violece. The two goals match the importace of ecoomic growth with strog cocers for equity. 5

10 5. The WBG will work through partership to mobilize the iteratioal commuity behid the goals. The goals are ambitious, but they are achievable if all coutries, ad their developmet parters, have a sustaied commitmet to focus o improvig the welfare of poor ad disadvataged citizes. The resources of ay oe istitutio the World Bak Group icluded are etirely iadequate to meet the challege. Parterships focused o the goals parterships with govermets, the UN system, multilateral istitutios icludig the IMF ad multilateral developmet baks (MDBs), bilateral orgaizatios, ew ad emergig doors, the private sector, ad civil society ca make the differece through collective actio at the local, regioal, ad global levels. 6. The two goals, ad the parterships eeded to achieve them, are well aliged with the iteratioal commuity s efforts to reach the MDGs ad establish a ambitious post-2015 ageda. The WBG is actively participatig i settig a collective post-2015 ageda that is ambitious ad trasformatioal, ad that ecompasses edig extreme poverty ad buildig prosperity for all i a sustaiable maer. A. The Developmet Ageda for Reducig Poverty ad Sharig Prosperity 7. The developmet ageda to reduce poverty ad build shared prosperity focuses o erichig livelihoods through ecoomic growth, iclusio, ad sustaiability. This policy ageda is iformed by decades of developmet experiece, kowledge, ad research. It ecompasses both atioal policies ad global actio, ad it combies commo elemets across developig coutries with coutryspecific actios tailored to diverse coutry circumstaces. 8. Ecoomic growth that creates good jobs fuels developmet. Strog job creatio higes o mobilizig private ivestmet ad developig effective public istitutios. Icludig the iformal sector ad self-employmet, the private sector accouts for almost 9 out of every 10 jobs i the world. Good goverace is cetral to strog ecoomic growth. Effective public istitutios carry out the policies ad ivestmets that mobilize domestic resources efficietly, fight corruptio, promote competitiveess, stregthe huma capital ad improve ifrastructure thereby stimulatig private ivestmet, job creatio, ad productivity gais. Robust private sector istitutios, such as baks ad capital markets, are critical to improve the private sector s capacity to geerate growth. 9. Iclusio etails empowerig all citizes to participate i, ad beefit from, the developmet process. Progress i buildig shared prosperity is icompatible with icreasig iequality; high levels of iequality are likely to costrai the rise i prosperity for the bottom 40 percet. Iclusio ecompasses policies to promote equality of opportuity by improvig the access of poor ad disadvataged people to educatio, health, ifrastructure, fiacial services, ad productive assets. It embraces actio to remove barriers agaist those who are ofte excluded, such as wome, youth, ad miorities; to protect fudametal huma rights ad digity; ad to esure that the voice of all citizes ca be heard. Oly resposive, accoutable public istitutios ca desig ad deliver iclusive policies. Iclusive policies i tur promote ecoomic growth for example, strog growth caot be sustaied without geder equality to esure the empowermet of oe half of the world s populatio. 10. Sustaiability esures that today s developmet progress is ot reversed tomorrow ad that the pace of progress does ot flag i the future. Sustaiability permeates all elemets of the policy ageda from greeig ecoomic growth, to stregtheig social cosesus through iclusio, to safeguardig jobs through soud macroecoomic maagemet that keeps public fiaces o a sustaiable path. Fragility, violece, ad evirometal degradatio pose particularly urget challeges to sustaiability. Progress i reducig poverty i some developig coutries could be reversed if they relapse ito coflict ad violece; ad such relapses ca have regioal implicatios. Evirometal costraits are already affectig the progress of poverty reductio, ad promotig shared prosperity is impossible without steppig up actio to address such evirometal challeges as climate chage, ivestmet i gree techologies, ad reforms to improve the efficiecy of use of atural resources, icludig reform of regressive eergy subsidies. Istitutioal stregtheig is critical to esure sustaiable developmet ad address the risks that could udermie progress. B. Focusig the WBG o the Goals 11. The WBG eeds a ew strategy to esure that it focuses reletlessly o the goals i the developmet 6 WORLD BANK GROUP STRATEGY

11 Box 1 Previous World Bak Group Strategic Exercises The WBG has udertake a series of strategy efforts over the past two decades. The most recet strategy documets have bee the Post-Crisis Directios (2010), Meetig the Challeges of Global Developmet (2007), The Strategic Framework (2001), ad the Strategic Compact (1997). While the three most recet documets were omially WBG documets, i practice they spoke maily to the Bak, ot IFC ad MIGA. These exercises had varyig objectives from tighteig busiess processes to uderpiig requests for budget ad capital icreases. While they geerally succeeded i articulatig overall goals, developmet challeges, ad istitutioal stregths, oly the 1997 Compact was followed up with meaigful moitorig of implemetatio progress ad a assessmet of achievemets. IFC s aual Road Map ad MIGA s FY12-14 Strategy have bee differet i character. These exercises have developed a set of loger-term focus areas, complemeted by icremetal aual adjustmets. The exercises are iformed by ogoig trackig of progress to articulate priority areas for operatioal focus. A umber of lessos leared from these exercises have iformed the WBG Strategy: the eed for clarity o goals, specific actios for implemetatio, a moitorig framework, ad eablig coditios, icludig huma resources ad fiacial sustaiability. To esure that the Strategy truly reflects the WBG, it eeds to idetify areas for commo effort while respectig the distict madates ad stregths of each agecy. cotext of today ad tomorrow. Uder the ew strategy, the WBG will support member coutries i addressig the most critical atioal, regioal ad global developmet priorities to reduce extreme poverty ad build shared prosperity i a sustaiable maer. The WBG will: Alig all WBG activities ad resources to the two goals, seekig to maximize developmet impact ad drawig o the WBG s comparative advatages. Use its stregths as a global istitutio by supportig cliets i deliverig developmet solutios; workig with public ad private parters who brig resources, expertise, ad ideas; ad advacig kowledge about what works. Work as Oe World Bak Group by leveragig the stregths of each agecy. 12. The Strategy draws o lessos from past WBG strategies (Box 1). It builds o comprehesive diagostic work as well as the importat foudatio set by recet reform efforts: the ambitious Moderizatio Ageda the Bak lauched i 2010, which cotributed to improvemets i opeess, accoutability, ad efficiecy; ad the IFC 2013 iitiative ad MIGA s strategy review, which resulted i greater focus ad improved cliet egagemet. These efforts have made the WBG more results-orieted ad accoutable, layig the groudwork for the Strategy ad the related chage process. 13. This paper is orgaized as follows. Chapter 2 aalyzes the global cotext, idetifyig major treds that are reshapig the developmet ladscape. Chapter 3 draws coclusios for repositioig the WBG i this chagig ladscape, idetifyig a value propositio for the WBG as a whole that draws o the specific stregths of each agecy. Chapter 4 the discusses developmet challeges to meetig the two goals, describig what cliets wat from the WBG ad how the WBG will respod. Chapter 5 presets how the WBG will support cliets i deliverig solutios that maximize progress toward the goals, i particular by stregtheig the focus o kowledge ad evidece i its products ad services, as part of becomig a solutios WBG. Chapter 6 the turs attetio to how the WBG iteds to operatioalize its approach to the goals by exercisig greater selectivity at the coutry level. Chapter 7 discusses the types of parterships that are eeded to meet the goals ad how the WBG will esure the strategic aligmet of its partership egagemets. Chapter 8 deepes the discussio o operatig as Oe WBG. Chapter 9 cocludes with a discussio of the outcome of the Strategy ad describes the process to support implemetatio i the cotext of the broader chage process, which will be elaborated i a subsequet Implemetatio Paper. WORLD BANK GROUP STRATEGY 7

12 2. GLOBAL CONTEXT 14. Importat global treds uderscore the eed for a ew WBG strategy to adapt to fast-movig challeges ad opportuities. Tremedous progress over the past two decades has reshaped the developmet ladscape. It has created ew opportuities to reduce poverty ad promote shared prosperity, but has also itroduced ew risks to sustaiig progress i the future. While the trasformatio cuts across may dimesios, a few mega-treds are leadig the way. A. Shifts i the Global Ecoomy 15. Developig coutries strog ecoomic performace over the past two decades is shiftig the world s ecoomic ceter of gravity to the south ad east. Several large middle-icome coutries are ow ecoomic powers i their ow right. Developig coutries, i aggregate, have cosistetly outpaced the growth of developed coutries over the past decade, cotiuig to grow eve durig the global fiacial crisis, ad they will soo accout for half of global GDP (Figure 1). The rise of the G-20 as a leadig forum for global ecoomic cooperatio ad the rise of emergig market coutries as providers of developmet support to poorer coutries reflect the ew, multipolar world ecoomy. 16. The shift i the global ecoomy has bee drive by the rapid evolutio of the private sector ad the emergece of a middle class i the developig world. I coutries as diverse as Chia, Ghaa, ad Turkey, the private sector is drivig employmet growth ad trasformig livig stadards. The combiatio of populatio growth, a risig middle class, ad urbaizatio i the developig world is fuelig demad for ifrastructure, maufactured goods, housig, ad services. Strog growth of fial cosumptio i emergig markets is cotributig to a move toward more regioally-based productio, which is opeig up opportuities for maufacturig i ew coutries a tred that is likely to accelerate i the ext decade to offset risig labor ad trasportatio costs, ad i respose to cocers about traceability ad evirometal impacts. 17. The trasformatio i the global ecoomy is mirrored i the chagig ature of fiacig for developmet, icludig private capital. Domestic resource mobilizatio Figure 1 Patters of Global Growth ad GDP Source: World Developmet Idicators. Note: HIC = high-icome coutry, LIC = low-icome coutry, MIC = medium-icome coutry. 8 WORLD BANK GROUP STRATEGY

13 has become icreasigly importat, particularly i middleicome coutries, but for may developig coutries exteral iflows remai a key source of fiacig for ivestmet ad growth. Private ivestmet has become the domiat mode of capital trasfer worldwide. Net private capital flows to developig coutries are ow o the order of $1 trillio per year, with a icreasig share represetig South-South ivestmet; worker remittaces are also icreasig rapidly ad are projected to reach $500 billio by Together, these private flows dwarf official developmet assistace (ODA) of about $125 billio aually (Box 2). However, both foreig private ivestmet ad remittaces remai highly cocetrated. Foreig direct ivestmet targets a small umber of largely middle-icome coutries ad sectors, ad access to private credit i lower-icome ad lower-middle-icome coutries is ofte still difficult. ODA cotiues to play a critical role, especially i coutries where private iflows are less abudat, ad it is ow complemeted by substatial flows from private foudatios ad philathropies. 18. Emergig market baks ad capital markets are takig o a greater role i local fiace. Developmet of cotractual savigs ad local currecy capital markets is becomig critical to fiace the growth i private busiesses, ifrastructure, ad housig as coutries shift toward middle-icome status. Demad for ew types of products ad services, such as pesios ad isurace products, will rise as emergig market populatios become, o average, older ad more affluet. New products are also likely to emerge to meet the eeds of the 2.5 billio people who still do ot have access to formal fiacial services. B. The Chagig Face of Poverty ad Prosperity 19. Although the global extreme poverty rate has falle by half sice 1990 (Figure 2a), progress withi the developig world has bee highly ueve. Extreme poverty remais widespread i most low-icome coutries. As a group, lower-icome coutries have bee growig more slowly tha middle-icome coutries, ad growth performace amog the lower-icome coutries has varied widely: some are o the way to middle-icome status, while others have stagated or regressed. The vast majority of the world s poor people cotiue to live i rural areas; however, migratio patters are drivig the rapid urbaizatio of poverty. 20. Roughly half of the low-icome coutries are classified as fragile ad coflict-affected situatios, which pose particular challeges. Fragile ad coflict-affected situatios (FCS) are home to a growig share of the world s extremely poor people. Poverty rates i FCS are o average 20 percetage poits higher tha i o-fcs coutries. Populatios i FCS accout for a third of the deaths from HIV/AIDS i poor coutries, a third of the people who lack access to clea water, a third of childre who do ot complete primary school, ad Box 2 The Evolvig Structure of Developmet Assistace As iteratioal developmet assistace has i creased from approximately $85 billio to $130 billio betwee 1990 ad 2011 so too has its complexity. Aid was traditioally provided through bilateral aid agecies ad a small umber of multilaterals (largely UN agecies ad iteratioal fiacial istitutios). The past decade has see the emergece of large global fuds that pool resources to tackle issues i specific developmet areas (e.g., GAVI for vaccies; GFATM for AIDS, tuberculosis, ad malaria; ad GEF for the eviromet). I additio, private aid ad philathropy has skyrocketed to equal percet of ODA. As middle-icome coutries egage i the global area, they too are providig developmet support to poorer coutries i the form of aid, ivestmet, ad techical exchages. Multilateral ad bilateral developmet istitutio ivestmets to fiace the private sector have grow substatially over the last 10 years to reach some $40 billio aually, but this remais relatively small compared to global private flows. For the WBG, the evolutio of developmet assistace offers both ew partership opportuities, ad possibilities to recast its role i areas where other actors are takig the lead. The WBG s role i kowledge, coveig, ad global advocacy has icreased relative to its role i providig fiace. The WBG also plays a greater role i the coordiatio ad trasparecy of ODA, as well as i assistig developig coutries to maage the risks to ecoomic sustaiability that both ODA ad private iflows ca pose. WORLD BANK GROUP STRATEGY 9

14 Figure 2 Global Extreme Poverty ad Iequality Source: PovCalNet for (a); Global Icome Iequality by the Numbers: i History ad Now ; Milaovic, (2012) for (b). Note: For (b), Cocepts 1 ad 2 represet iequality i icome per capita across coutries for 1, each coutry has equal weight ad for 2, coutries are weighted by populatio, Cocept 3 takes ito cosideratio iequality betwee atioal averages ad withi-coutry iequality. half of all child deaths. Although there have bee otable successes, persistet fragility has bee the orm for most FCS. 21. I may developig coutries, growth has bee accompaied by risig iequality ad disparities, ofte with a geographic dimesio i the form of laggig regios. Strog overall growth i developig coutries has arrowed the icome gap betwee rich ad poor coutries, but the growig iequality withi may coutries has offset the impact of this covergece o global iequality amog all people i the world (Figure 2b). 22. Trasitioig to middle-icome status does ot mea the ed of poverty or deprivatio. Risig iequality i may middle-icome coutries reflects the reality that may cotiue to have substatial levels of extreme poverty (Figure 3a). I additio, most people who have escaped extreme deprivatio remai poor, subsistig o less tha $4 per day (Figure 3b). May middle-icome coutries have atioal poverty lies i the $4 rage, ad people i this icome bracket would be cosidered extremely poor i ay high-icome coutry. I fact, as coutries move up the atioal icome spectrum ad extreme poverty declies, the share of the populatio livig i the zoe of poverty betwee $1.25 ad $4 per day ofte icreases sharply. 23. Progress i sharig prosperity has bee mixed amog developig coutries. Data are available for 71 developig coutries for O the positive side, i about oe-third of these coutries the per capita icome growth of the bottom 40 percet exceeded 4 percet, ad this growth was faster tha the atioal average. However, i about oe-quarter of the coutries i the sample, the per capita icome growth of the bottom 40 percet was below 4 percet per year ad below the atioal average. Sustaied progress i buildig shared prosperity is icompatible with a steady icrease i iequality, which may evetually choke off growth by causig political istability, distortig icetives, ad reducig upward mobility. Over the loger term, sharig prosperity across geeratios requires progress at both the coutry ad global levels o all three dimesios of the developmet ageda: growth, iclusio, ad sustaiability. C. A Globally Coected World 24. I recet years, sigificat icreases i coectivity have led to the emergece of a truly global commuity. Worldwide early 6 billio mobile cellular subscriptios ad early 600 millio broadbad Iteret subscriptios are supportig explosive growth i social media. The growth i coectivity has led to the rise of global voices ad the emergece of thik-taks ad other sources of kowledge geeratio i the developig world. Ordiary citizes have become powerful costituets who ca make direct demads o govermet ad brig about chages to 10 WORLD BANK GROUP STRATEGY

15 Figure 3 Extreme Poverty, Poverty, ad GDP per Capita (a) Extreme Poverty (less tha $1.25) (b) Poverty ($1.25-$4.00) Extreme Poverty rate at $1.25 per day (PPP) (% of populatio) Poverty rate $1.25-$4.00 per day (PPP) (% of populatio) Log GDP per capita, PPP costat 2005 iteratioal $ Log GDP per capita, PPP costat 2005 iteratioal $ Source: POVCALNET ad World Developmet Idicators for the World Bak Atlas method. Note: Low icome = $1,025 or less; lower-middle icome = $1,026 $4,035; upper-middle icome = $4,036 $12,475; high icome = $12,476 or more; PPP = purchasig power parity. legislatio, costitutios, ad eve regimes as i the Arab Sprig ad elsewhere. Cocurretly, civil society orgaizatios (CSOs) are gaiig ifluece as advocates for a host of issues from govermet trasparecy ad accoutability for public service delivery to demads for social justice ad for actio to address critical issues like climate chage, corruptio, ad freedom of iformatio. 25. Other forms of coectivity are havig a impact as well, stimulatig kowledge ad iovatio for developmet. Techological iovatios are improvig access to public services ad fiacial services, while reducig opportuities for fraud ad corruptio. Icreased coectivity is also cotributig to the chagig ature of trade, busiess, ad fiace brigig the locatio of productio closer to cosumers, fuelig the demad for customizatio, ad shorteig the lifecycle of may products. Fiacial ad ecoomic coectivity brig great beefits, but they also etail substatial risks as demostrated by the 2008 global crisis ad recurrig cocers with food safety. This highlights the importace of stroger atioal ad iteratioal coordiatio of policies, regulatio, ad oversight. D. The Challege of Climate Chage 26. Climate chage threates both future poverty reductio ad the sustaiability of past gais, achieved through decades of efforts. The iteratioal commuity s collective respose to the fudametal threat posed by climate chage will shape ot oly the global fight agaist poverty, but also the world s overall developmet trajectory for geeratios to come. Average world temperatures are o track to rise at least two degrees Celsius ad raifall patters are chagig. Icreasigly, these chages are resultig i more severe ad frequet extreme weather evets storms, droughts, heat waves, ad floods. The impact of these evets is exacerbated by evirometal degradatio ad other socio-ecoomic factors. The adverse effects of climate chage fall disproportioately o the poorest coutries ad, withi coutries, o the poorest people, who are already WORLD BANK GROUP STRATEGY 11

16 seriously affected by evirometal degradatio ad lack adequate capacity to adapt. E. Global Risks ad Volatility 27. Global risks ad volatility are growig cocers i a itercoected world that is depedet o iteratioal markets for goods, services, ad fiace. The global ecoomy faces substatial risks from the log-term impact of the global ecoomic crisis, the fragile ecoomies i certai high-icome coutries, ad the situatio i the Middle East. There is the potetial for slower global growth i the future. New ecoomic, evirometal, social, ad political crises are likely; they will ofte be of local origi, but will have the potetial for regioal or global impact. Eve short-lived, localized crises ca geerate major losses i employmet ad welfare that ca have dire cosequeces for the poor ad bottom 40 percet. Natural disasters ad shocks related to atural resource scarcity ca destabilize the developmet progress of idividual coutries, regios, or the etire world; ad the frequecy ad scale of such evets may be icreasig with climate chage. Ecoomic losses from atural disasters have bee tredig upwards for decades, i lie with the steady icrease i CO 2 cocetratios from emissios (Figure 4). For low-icome coutries whose growth has bee based o atural resource booms, their ecoomies remai highly susceptible to commodity price shocks. Public health risks loom large as diseases travel faster across a coected world. A growig risk is posed by the vulerabilities of the commuicatios ad computig ifrastructure o which so much depeds. 28. The turbulet world evets of the past decade illustrate the impact of social ad political istability. Istability ca derail developmet; coversely, developmet that fails to be iclusive may itself promote istability. Several Arab Sprig coutries had made otable developmet progress, but sustaiability was udermied by deep-seated iequality of opportuity, maifested i part through high levels of youth uemploymet ad a pervasive sese of a lack of social justice ad voice amog the citizery. This experiece demostrates how the sustaiability of developmet depeds critically o social cohesio ad o meetig the risig expectatios of a better educated ad coected, more urba, ad more middle-class populatio for effective delivery of higher-quality public services. Some resourcerich developig coutries are ot maagig to geerate jobs or to share the wealth adequately, potetially sowig the seeds of social protest i the future. Figure 4 Natural Disasters ad CO 2 Emissios Sources: US Geologic Survey for (a) ad Tur Dow the Heat, World Bak, 2012 for (b). 12 WORLD BANK GROUP STRATEGY

17 3. REPOSITIONING THE WBG 29. The ew Strategy builds o the strog foudatio ad cotiuous adaptatio of the WBG; what is ew is the sigular focus o the two goals i a rapidly chagig global cotext. The WBG will do more to work with the developmet commuity to seize opportuities ad maage risks i a sustaied drive to ed poverty ad build shared prosperity. I a multipolar world, the WBG, with its uiversal membership ad global footprit, offers a platform where the perspectives of all coutries ad all citizes ca be brought to bear o the toughest developmet challeges, which icreasigly affect all coutries, developed ad developig alike. The WBG s global reach ca help shape ad cotribute to the iteratioal commuity s respose to crisis ad volatility, ad to complex threats like climate chage that require cocerted actio at the global, regioal, ad local levels. I a world where the private sector is drivig growth ad domiatig capital flows, the WBG ca help the public ad private sectors work together more effectively ad systematically. To esure that citizes are empowered ad well iformed, the WBG ca build o its ope data, ope kowledge, ad social media iitiatives to make kowledge more accessible. Fially, i a globally coected world where govermets, citizes, ad private ivestors have broad access to olie kowledge ad to alterative sources of fuds, the WBG ca offer solutios that itegrate fiace with kowledge eriched through global etworks, worldclass research, ad hads-o implemetatio experiece. A. WBG Value Propositio 30. The WBG, operatig as Oe Group, iteds to stregthe its capabilities ad work i partership toward the two goals through a value propositio to: Cotribute to the global developmet ageda through dialogue ad actio o ogoig ad emergig developmet challeges, brigig the perspectives of all its member coutries. Support cliets i deliverig customized developmet solutios backed by fiace, kowledge, ad coveig services. Help advace kowledge about what works, combiig the world s leadig developmet research ad practitioer experiece with a commitmet to trasparecy, ope data, global outreach, ad kowledge dissemiatio. I doig all of this, the WBG will work together with public ad private parters who brig resources, experiece, ad ideas to tackle key developmet challeges. B. WBG Stregths 31. The WBG will deliver o its value propositio by takig full advatage of its stregths ad addressig its weakesses, as idetified by diagostic work, cliet surveys ad exteral assessmets. The scope ad depth of the WBG its reach, huma resources, ad volume of fiace positio it to focus its stregths, idividually or i combiatio, to have particularly sigificat impact i tacklig the most difficult developmet challeges. With its global multilateral membership ad owership structure, the WBG ca sythesize perspectives o developmet issues from aroud the world. Its log-stadig coutry egagemet allows the WBG to help cliets tackle those complex developmet issues, such as buildig strog istitutios ad udertakig structural reforms, that ca oly be addressed over the log term. With decades of work o the full rage of developmet issues, the WBG has broad operatioal experiece; expertise o policy dialogue, implemetatio, ad capacity buildig; kowledge of the private sector; ability to bled public ad private fiace; ad capacity to budle kowledge, fiace, ad coveig services. The WBG has a strog track record helpig coutries respod to crisis ad stregthe resiliece, as exemplified by its multifaceted respose to the 2008 global crisis ad global reputatio for disaster risk maagemet. Widely recogized as a strog, AAA-rated fiacial istitutio, the WBG mobilizes ad maages large amouts of resources for developmet o a global basis, ad offers a wide rage of iovative fiacial products ad services to cliets. Its globally liked presece (over 200 field offices) gives the WBG the capability to respod to cliet demads WORLD BANK GROUP STRATEGY 13

18 ad draw o the experiece gaied i oe part of the world to help cliets elsewhere. The WBG s global coveig power allows it to brig together diverse actors to solve local ad regioal problems ad catalyze actio to ifluece global agedas ad help set iteratioal stadards, brigig i the views of developig coutries. The WBG offers a valued reputatio for itegrity ad safeguards. Govermets, CSOs, ad other stakeholders place a high value o WBG evirometal ad social safeguards, viewig them as importat to prevetig social coflict ad promotig accoutability, iformed decisio-makig, ad stakeholder egagemet. 32. There is a eed for improvemets across the WBG i several areas. A critical area is for the WBG to stregthe its ability to work o multi-stakeholder solutios through egagemet with the public sector, private sector, ad citizes. A chage i WBG culture ad i the curretly predomiat mode of operatig i sector silos will be required to icrease the use of multi-sectoral approaches. It will also be ecessary to revamp the cliet egagemet model ito a more problem-drive solutios approach, systematically brigig together multiple disciplies, stakeholders, ad WBG agecies. This ew WBG model eeds to be adapted as well to operate more effectively i fragile ad ustable cotexts. The WBG also eeds to further examie its resource base to esure maximum efficiec 33. The agecies of the WBG have idividual stregths ad advatages that they will cotiue to hoe, while focusig o workig better as Oe WBG. Stregtheig the advatages that cliets ad parters have idetified will help each WBG agecy to cotribute more to the WBG value propositio by deliverig o its madates with respect to distict cliet groups, reflectig its markets, products, ad competitors. Each agecy also recogizes that it has areas of weakesses that it eeds to address. 34. IBRD ad IDA: The Bak s busiess model, based o cliet coutry demad, gives it a major comparative advatage. Coutries value the support of the Bak to help desig ad implemet atioal developmet programs. The Bak s techical breadth across sectors, worldwide experiece i projects, ad global array of parterships give it the capacity to bled expertise i desigig ad supportig coutries delivery of multi-sectoral, multi-stakeholder solutios. The Bak s extesive research ad kowledge ad results-based approach are more empirically based tha those of may developmet actors, ad the Bak ivests sigificatly i evidece ad evaluatio. The Bak is icreasigly called upo to steer global agedas ad deliver public goods. Its developmet leadership serves as a platform for global ad regioal parterships. The Bak s treasury fuctios are highly sought to mobilize ad maage ivestible resources ad to serve as a fiduciary aget to chael exteral fudig. 35. While IBRD ad IDA share the same coutry-based busiess model ad operatioal policies, they are separate legal etities. They serve differet cliet segmets ad have distict fudig models with differet fudig costraits. IBRD provides o-cocessioal fiacig to creditworthy coutries, while IDA provides cocessioal resources to poor ad o-creditworthy coutries (Box 3). IDA cocessioal terms ad IBRD loa pricig are attractive, ad surveys idicate that coutries across the icome spectrum value the array of products ad services the Bak offers. 36. Cliets perceive the Bak as fallig short i several areas: (a) log lead times ad procedural complexity, which are reported to stifle demad; (b) the costraits o the flow of kowledge ad the Bak s ability to apply it o the groud i a timely maer; ad (c) more recetly, the quality of techical expertise i areas with cosiderable competitio, ad i coutries with sophisticated couterparts ad complex developmet challeges. 37. IFC: Operatig pricipally i competitive, private sector markets, IFC is recogized for its ability to provide a uique suite of fiacig ad advisory services. This advatage derives from the combiatio of (a) its global ad decetralized operatio; (b) its packaged services of ivestmet, advisory, ad asset maagemet services; (c) syergies across the WBG; ad (d) a commitmet to sustaiable developmet impact. IFC esures additioality i four areas: risk mitigatio, stadard-settig, kowledge ad iovatio, ad policy-settig. It has bee recogized as a stadard-setter i evirometal ad social stadards through the Equator Priciples, ad i corporate goverace through the Corporate Goverace Developmet Framework. IFC s techical expertise is rated highly for both ivestmet ad advisory services, ad it gais particular advatage from workig with the Bak to help coutries set policies ad regulatios. IFC s private sector cliet base, the largest amog developmet istitutios, represets a strategic asset. Cliets are geerally satisfied with IFC s 14 WORLD BANK GROUP STRATEGY

19 Box 3 Iteratioal Developmet Associatio IDA supports the poorest. IDA, the WBG s mai cocessioal istrumet to support poor coutries, is oe of the largest sources of cocessioal resources for the world s 82 poorest ad least creditworthy coutries. IDA has a diverse cliet base ragig from low-icome coutries (of which may are FCS) to lower- ad upper-middle-icome coutries. IDA plays a leadership role i the effectiveess ad results ageda, icludig through its Results Measuremet System, which tracks IDA s cotributio to developmet outcomes ad its operatioal ad orgaizatioal effectiveess. Several exteral assessmets rak IDA amog the most effective ad efficiet developmet assistace agecies. IDA s policy ad fiacig framework is reviewed every three years. IDA is fuded primarily by grat cotributios ad credit reflows. Through the repleishmet process, IDA cotiuously adapts to ew challeges. It has bee istrumetal i advacig the developmet ageda o frotier issues such as FCS, geder, ad climate chage resiliece. IDA has established the Crisis Respose Widow ad the Immediate Respose Mechaism to ehace its respose to crises ad atural disasters. To icrease its fiacig capacity, IDA has itroduced measures such as icreased price differetiatio ad accelerated repaymets from IDA graduates, ad it plas to iclude limited debt fiacig i the form of parter cocessioal loas i the IDA17 fiacig framework. IDA17 will support implemetatio of the WBG Strategy. IDA will be a primary vehicle to implemet ad reiforce the WBG Strategy i the poorest coutries through IDA17 s overarchig theme of Maximizig Developmet Impact, as well as the special themes of Iclusive Growth, Geder, FCS, ad Climate Chage. Uder IDA17, IDA will focus more o leveragig kowledge ad fiacial resources. As coutries move up the icome spectrum ad become more creditworthy, they may attai bled status (ad receive support from both IDA ad IBRD) before they gai full IBRD-oly status. Stroger collaboratio betwee IBRD ad IDA i maagig the trasitio from bled to IBRD-oly will be icreasigly importat over time. overall service ad choose IFC for its ability to provide log-term parterships, fiacig ot readily available elsewhere, loa maturity, product pricig, ability to brig i other sources of fiace, ad perceived stamp of approval, particularly with regard to sustaiability requiremets. However, cliets perceive IFC, like the Bak, to be behid peers i timeliess ad speed of processig. 38. MIGA: I the competitive market for political risk isurace, MIGA is cosidered the strogest multilateral provider i terms of its busiess results, global reach, ad market reputatio. It is recogized for (a) its expert uderwritig, (b) its strog balace sheet, eablig large log-term guaratees, (c) its willigess to guaratee complex projects i high-risk markets, ad (d) its uparalleled record i resolvig ivestmet disputes. MIGA, too, has a broad array of cliets represetig a rage of idustries, sectors, ad geographic areas. Much of MIGA s comparative advatage is derived from its affiliatio with the WBG, which eables it to draw o the research ad kowledge base to iform uderwritig, the extesive etwork of global offices to support busiess developmet ad project moitorig, ad the relatioship with host coutries to allow it to take o riskier projects. Like other multilaterals ad the other WBG agecies, MIGA s perceived weakess is havig heavy iformatio requiremets, especially i the areas of evirometal, social, ad itegrity due diligece. C. Deliverig o the Value Propositio 39. To deliver o the value propositio the WBG eeds to improve may aspects of its work. I workig with cliets o the groud to deliver developmet impact, it eeds to: Ivest i kowledge, techical skills, iformatio techology, ad the solutios platform (kowledge, sciece of delivery, results, ad learig) to keep its developmet expertise from erodig. Break dow silos ad focus o multi-sector approaches as Oe WBG. WORLD BANK GROUP STRATEGY 15

20 Figure 5 IBRD ad IDA Commitmets Icrease flexibility ad speed up delivery while preservig its iteratioally respected fiduciary, safeguard, ad itegrity orms redoublig efforts to streamlie bureaucracy, cut red tape, ad exploit back-office syergies. Crowd i resources, experiece, ad ideas more effectively through parterships by selectively deepeig its egagemet across the broad spectrum of potetial private, public, multilateral, ad oprofit parters. Leverage its global role by deepeig global egagemets that are aliged with the two goals ad structurig global services ad programs ito a well-defied busiess lie. Stregthe its coutry egagemet model to better deploy its strategy-settig ad diagostic capabilities, icludig supportig developig coutries i collectig statistics ad usig them i evidece-based public policy. Esure that, ow ad i the future, its resources are commesurate with the roles ad resposibilities it carries out o behalf of the iteratioal commuity by developig a ew framework for medium-term fiacial sustaiability icreasig reveues, buildig fiacial capacity, cuttig costs, ad aligig its resources with the goals. 40. Fiacial cosideratios will ifluece, ad sometimes costrai, the WBG s choices. First, as agecies operatig without sovereig guaratees, IFC ad MIGA must take o a certai umber of low-risk, profitable cliets to balace their portfolios. For the World Bak (IDA/ IBRD), the scale of its operatios is curretly well below oe percet of the combied GDP of borrowig coutries, ad fallig (Figure 5). Maitaiig a miimum scale of operatios is importat if the WBG is to ifluece the policy ageda ad support cliets i deliverig effective developmet solutios. For Bak operatios i the poorer coutries, limits o the volume of IDA fuds ad their allocatio ca costrai potetially high-impact egagemet with public cliets, especially with respect to critical ivestmets i capacity buildig ad ifrastructure. Respodig to the icreasig demads of coutries at the ceter of the icome spectrum as poor coutries trasitio to middle-icome status, ad demad i middle-icome coutries shifts to a subatioal cliet base will be costraied by complicatios with atioal govermet guaratees ad limits o IBRD fudig availability, icludig factors related to capital, the sigle borrower limit, ad coutry creditworthiess. 41. I additio, the Bak faces serious costraits from growig demads i areas typically fiaced by the admiistrative budget: for example, more global work; fudig offices, staffig, ad activities i FCS; ad trackig the global goals through expaded data iitiatives. The Bak will eed to be selective about which activities it takes o, i the cotext of a right-sized budget. As part of this, the Bak will eed to cosider such ew reveue geeratio measures as icreased egagemet i reimbursable advisory services ad icreased use of trust fuds to fiace kowledge ad other o-ledig services. 16 WORLD BANK GROUP STRATEGY

21 4. MEETING DEVELOPMENT CHALLENGES 42. To focus o the two goals while workig i diverse settigs, the repositioed WBG will exercise greater selectivity ad collaborate more with the iteratioal commuity. The overall picture of developmet eeds ad the correspodig demads o the WBG have become icreasigly complex as coutry circumstaces become more diverse. The traditioal groupig of developig coutries ito low-, middle-, ad upper-icome categories is becomig less relevat as coutries at all icome levels seek support to sustai developmet progress. I a coected world, the WBG also faces growig demads for egagemet at the regioal ad global levels. I respodig to these demads, the WBG will rigorously use data ad evidece to alig all its activities with the two goals, maximize developmet impact, ad draw o the WBG s comparative advatages. This implies recogizig the stregths of, ad workig closely with, other developmet parters multilateral orgaizatios ad developmet baks, bilateral developmet agecies, the private sector, ad atioal ad iteratioal CSOs. A. Developmet Challeges Coutries Face 43. Edig extreme poverty ad promotig shared prosperity sustaiably will require persistet ad cocerted effort. Progress depeds critically o developig huma capital ad expadig access to social services to produce a healthy, well educated, ad productive labor force, as well as o provisio of ad access to ifrastructure, icludig reliable ad affordable eergy. Physical ivestmets are essetial the estimated sums eeded for ifrastructure aloe are staggerig (up to $1.5 trillio per year). However, ivestmet is ot eough: coutries eed help with aalysis, policy dialogue, ad program desig, as well as techical expertise for implemetatio ad capacity buildig. They eed support for improvig the busiess climate to stimulate private sector ivestmet ad jobs, ad for improvig goverace ad public services through istitutioal stregtheig. May coutries are placig more emphasis o policy actio to promote iclusio, ad sustaiability is gaiig promiece, particularly give risig social demads ad icreasig stress o the eviromet i may coutries. Coutries also eed help buildig resiliece to shocks ad support i respodig to crises. They wat solutios that produce results ad are grouded i evidece of what works. Above all, they wat speed ad agility; support that arrives late caot deliver results. 44. Reducig the global extreme poverty rate to 3 percet by 2030 will require acceleratig the pace of poverty reductio i may coutries particularly i South Asia ad Sub- Sahara Africa (Box 4), ad i FCS. Each percetage poit of poverty reductio will ivolve progressively more people as the world s populatio expads from today s seve billio to over eight billio by 2030 with almost all this icrease Box 4 Africa s Developmet Challeges Africa has made sigificat progress... Betwee 1996 ad 2010, the percetage of people livig o less tha $1.25 a day i Sub-Sahara Africa declied from a estimated 58 percet to 48.5 percet. Ecoomic growth has picked up sice the mid-1990s. Africa coutries have geerally maitaied prudet ecoomic policies, as evideced by Coutry Policy ad Istitutioal Assessmet scores. Despite icreased borrowig by may Africa coutries, debt burdes remai moderate ad broadly maageable. The ivestmet climate cotiues to improve.... but cotiues to face dautig challeges. The Africa Regio lags behid o achievemet of the MDGs, with substatial heterogeeity i coutry-level progress. About half of the world s FCS coutries are i the Regio. Simulatios suggest that eve if the world meets the 3 percet global target by 2030, may Africa coutries could well be left with substatial rates of extreme poverty, ad the Regio would likely accout for the vast majority of the remaiig extremely poor people. Give the scope of the challeges, there is a eed for specific attetio to Africa. The WBG will assist the Regio to build o the progress it has made, icludig by helpig to address the structural problems ad risk perceptios that are costraits to private ivestmet, employmet, ad growth. WORLD BANK GROUP STRATEGY 17

22 i the developig coutries ad disproportioately amog the poor. However, sustaiig strog ecoomic growth may prove difficult i the post-crisis global cotext, ad it will hige o structural trasformatios i may developig coutries. If iequality rises, achievig the poverty target will require higher growth rates tha have historically occurred. As extreme poverty falls, more targeted policies will be eeded to reach those remaiig i deprivatio icludig programs that help reduce the risks that poor households ad commuities face. 45. Buildig shared prosperity will require coutries to address iclusio ad sustaiability more vigorously. With the focus o jobs, policy actio is urgetly eeded i coutries where wome are excluded from opportuities i paid employmet ad etrepreeurship. Developig coutries must maage spatial trasformatio well to icrease prosperity sustaiably. Across the developig world, growig populatios ad ecoomies are puttig sigificat strai o the atural resource base lad, water, forests ad coutries are strugglig with the impact of climate chage, evirometal degradatio, ad ecosystem chages. Most coutries that have successfully trasitioed to high-icome status followed a path of urbaizatio ad cocetrated idustrial developmet that ehaced productivity, expaded service delivery ad geerated broad-based gais i social welfare. I tacklig these complex challeges, developig coutries ca beefit from the pace ad breadth of techological chage, which will cotiue to reshape developmet i myriad, ofte uforesee ways but this i tur will require robust policies to promote iovatio, etrepreeurship, ad the free flow of iformatio. 46. More attetio is eeded to the multiple facets of fragility ad resiliece, as movig up the icome spectrum provides coutries o guaratee of future progress. May coutries, maily i Africa, are movig rapidly up the icome ladder as they exploit their atural resources. However, some of Africa s richer coutries are similar to poorperformig lower-icome coutries i terms of iequality, employmet challeges, udiversified ecoomies, low huma developmet outcomes, ad weak istitutios. The sustaiability of developmet remais fragile i coutries ad/or laggig regios where istitutioal capacity, iclusio, ad ecoomic diversificatio fail to keep pace with icome growth. To withstad or forestall shocks from coflict, violece, vulerabilities to the impacts of climate chage ad atural disasters, or ecoomic crisis coutries eed stregtheed resiliece, iclusio, ad social cohesio. FCS represet a special type of istitutioal fragility, oe that requires combiig support for developig basic public istitutios ofte from scratch with ecoomic ad social developmet ad, i some cases, with peacekeepig ad security efforts. Small ad islad states ofte have particular eeds as well: their small size, at times combied with geographic vulerability or isolatio, costrais istitutioal capacity, the developmet of private firms, ad ecoomic diversificatio, posig importat risks to sustaiability. 47. Private compaies operatig i developig coutries seek to overcome costraits to ivestmet ad growth. The private sector eeds to flourish to create jobs; promote iovatio, techology, ad skills trasfer; ad develop supply chai likages ad export markets. I coutries at all icome levels, top obstacles iclude problems with ifrastructure, ivestmet climate, access to fiace, ad worker skills. I the poorest coutries ad FCS, where capital is scarce ad fiacial systems uderdeveloped, access to fiace ad access to electricity are particular problems; the iformal sector will remai a importat source of employmet, propagatig cocers about low productivity ad wages. I coutries higher up the icome spectrum, where firms ted to be more sophisticated i their operatios ad to ejoy greater access to exteral capital, they ofte have fiacig ad advisory eeds i such areas as iovatio, iclusive busiess, ivestmet i low-icome states, climate chage, South-South ivestmets, ad regioal itegratio. Global private fiace ad risk mitigatio istrumets are eeded to meet growig ivestmet eeds, ad coutries across the icome spectrum eed assistace to raise fiace ad structure deals. B. Respodig to Coutry Demads 48. As a global multilateral istitutio, the WBG will work with all member coutries i the push to ed poverty ad promote shared prosperity i a sustaiable maer. Applyig kowledge ad evidece to the most complex developmet challeges, the WBG will customize its support to coutries as their developmet eeds evolve icludig support for job creatio, good goverace ad aticorruptio, geder equality (Box 5), ad evirometal sustaiability. Meetig the eeds of poor coutries will remai a high priority; the WBG will cotiue to work closely with IDA cliets to fight poverty, build istitutioal capacity, stregthe creditworthiess, ad improve resource mobilizatio. It will cotiue to help 18 WORLD BANK GROUP STRATEGY

23 Box 5 The Challege of Geder Equality Geder equality remais a complex ad log-term challege that requires cotiued ivestmets to expad wome s empowermet ad opportuities, alogside measures to tackle deep-seated structural iequalities, orms, ad discrimiatio. Supported by the 2012 WDR o Geder, recet progress builds o growig attetio to the importace of geder equality amog cliets ad stakeholders, strog commitmets from WBG maagemet, ad icreasig awareess amog WBG staff. The share of geder-iformed ledig has icreased sigificatly ad the extet of itegratio has deepeed across most Regios, with geder-iformed aalysis, actios, ad moitorig ad evaluatio. The IFC has adopted a ew geder strategy, ad MIGA will update its sustaiability policy to stregthe its commitmet to geder. While there has bee major progress i itegratig geder, much remais to be doe to achieve ad sustai results o the groud. The WBG will cotiue to focus o addressig geder equality at the coutry level. I the medium term, a reewed geder strategy will frame the WBG s efforts to promote geder equality as cetral to achievig the two goals. middle- ad upper-middle-icome coutries address issues that are critical to sustaiig their developmet progress, icludig escapig the MIC trap that is, stagatio caused by rapid growth uaccompaied by structural chages to address such issues as social iclusio ad rapid urbaizatio. This support will iclude a fresh look at the political ecoomy of secod-geeratio structural reforms i the cotext of buildig shared prosperity. The WBG will also assist middle-icome coutries i becomig emergig doors ad will support broader egagemet by coutries i the developmet dialogue. The WBG will cotiue to support FCS i addressig their highly specific challeges to overcomig fragility, to pay attetio to the particular eeds of small ad islad states, ad to support highericome coutries, particularly durig times of distress. Providig support to idividual coutries ad to the iteratioal commuity as a whole i respodig to crisis ad volatility, i buildig resiliece, ad i carryig out prudet coutercyclical policies will remai a priority for the WBG. 49. The WBG will cotiue to work with a broad rage of cliets ad stakeholders. I may of the poorest coutries ad FCS, while workig to build up govermet capacity, the Bak focuses icreasigly o helpig local commuities ad citize-beeficiaries become active stakeholders i reducig poverty. I the poorer coutries, small ad medium eterprises (SMEs) predomiate as private cliets, served primarily through fiacial itermediaries, ad IFC ad MIGA ofte support foreig ivestors for direct ivestmet. I may middle-icome coutries, the Bak has bee shiftig its egagemet to subatioal govermets that face pressig demads. I middle-icome coutries IFC ad MIGA egage more frequetly with larger domestic firms that ofte have growig ivestmet eeds ad broader iterests i cotributig to developmet. A substatial share of these cliets has expaded ito ivestmets outside their home coutry, ad IFC s South-South ivestmet program is orgaized to address their eeds. MIGA is positioed to support domestic compaies lookig to diversify abroad, very ofte ito eighborig coutries, brigig beefit to both the ivestor ad the host coutry. I much of its work, the WBG provides services to govermets or other cliets such as private compaies that i tur provide goods ad services to support the poor ad/ or the bottom 40 percet. I some cotexts, the WBG is able to egage directly with the beeficiaries as active cliets ad parters, with a particular emphasis o wome, youth, ad vulerable groups; this is direct empowermet of citize-beeficiaries. C. Supportig the Private Sector 50. The WBG will cotiue to help coutries improve the busiess eviromet through istitutios ad regulatios that are coducive to a vibrat private sector. The WBG cotributes to a improved busiess climate through policy dialogue ad advisory ad kowledge work, sometimes with associated fudig to govermet. It helps build govermets capacity to egage with the private sector ad implemet policies (such as tax reforms ad fiacial WORLD BANK GROUP STRATEGY 19

24 trasparecy) to reduce iformality ad discourage illicit activity. The WBG also cotributes by helpig icrease access to fiace through capital market developmet, icludig through bod issuaces i local markets. Market developmet may require coordiated roles for both the public ad private sectors for example, extedig fiacial itermediatio to traditioally uderserved market segmets (i.e., households ad SMEs) may require govermet actios i regulatios, fiacial ifrastructure, ad paymet programs, as well as private sector ivestmets to support iovative busiess models. 51. The WBG will cotiue to play a importat role i directly supportig the private sector through fiacig ad risk mitigatio, ofte with accompayig advisory services. The first priority is to allow the commercial market to provide the fiace, so as ot to udermie the private sector through subsidies ad other distortios. However, i may cases particularly i such difficult markets as low-icome coutries ad FCS, ad for iovative projects i middle-icome coutries IFC, MIGA, ad other private-sector-orieted multilateral or bilateral fiacig istitutios ca have a sigificat role. I other cases for example, i particularly risky markets or segmets direct fiacig or risk mitigatio from public-sector-orieted agecies such as the IBRD, chaeled through govermets, is eeded. 52. The WBG, with its ability to work across the public ad private sectors, will icreasigly promote publicprivate parterships. Such parterships ca cotribute to improved basic service provisio i areas such as health, educatio, saitatio, ad housig that are essetial for reducig poverty ad boostig shared prosperity. Aother area i which public ad private parterships ca be expaded is climate chage, where there is a clear justificatio for policy actio to address a public good. D. Regioal ad Global Egagemet 53. The WBG will stregthe the strategic aligmet of its regioal ad global egagemets with the two goals. As ew issues have emerged that require collective actio by the iteratioal commuity, the WBG has icreasigly egaged at the regioal ad global levels. It has etered ito may regioal ad global parterships o a wide variety of issues, icludig global public goods or issues with sigificat regioal or global implicatios (e.g., climate chage, fiacial sector stadards, health epidemics, food security, aticorruptio, ad data ad trasparecy). Regioal egagemets have gaied i importace, as the iteratioal commuity looks to the WBG to step i ad ecourage others to do so as well. Parters have called o the WBG for a rage of regioal ad global services: to provide itellectual leadership ad foster collective actio; develop ideas, iteratioal stadards, ad global idicators; geerate kowledge ad operatioal solutios; covee or develop goverace structures; ifluece agedas; ad fiace specific iitiatives. These egagemets represet a importat opportuity for the WBG to make a impact o developmet, but this rapidly growig role also places additioal demads o the WBG that it must esure are aliged with the goals. 54. The WBG must make provisios to cotiue its role as a major source of global developmet kowledge ad data as a public service to the iteratioal commuity. The WBG is icreasigly providig a global public service by producig developmet data, such as statistics ad idicators, ad makig them available. It is well regarded as a producer ad dissemiator of developmet research, kowledge, ad data. The eed for kowledge, research, ad data is expected to grow as the iteratioal commuity demads more evidece to support a results-based approach to developmet. The WBG is well placed to provide these services, ad has bee rapidly icreasig the cotet that it makes available, without charge, to the geeral public. Dowloads from the WBG s databases have quadrupled i the past year; there are millios of users every year. Demad for these WBG services will likely grow as work i global commos areas icreases. As a example, there will be greater efforts by parters to work together to improve the quality ad coverage of idicators related to evirometal sustaiability ad to support improvemets i coutry systems that produce the uderlyig data. 20 WORLD BANK GROUP STRATEGY

25 5. BECOMING A SOLUTIONS WBG 55. Helpig accelerate progress towards the two goals demads a ew form of problem-solvig egagemet by the WBG oe that moves defiitively from a project metality to a developmet solutios culture embedded i widely dissemiated kowledge of what works ad how to deliver it. Systematically supportig cliets i deliverig customized solutios that itegrate kowledge ad fiacial services ad ecompass the complete cycle from policy desig through implemetatio to evaluatio of results lies at the heart of the WBG s value propositio. Focusig o results ad the sciece of delivery, seekig trasformatioal egagemets, ad takig iformed risks are all part of the developmet solutios culture. These will require steps to stregthe WBG leadership, orgaizatioal chages ad shifts i icetives to facilitate the flow of kowledge ad deploymet of staff expertise, ad improvemets i the quality ad maagemet of the WBG s talet pool. A. Usig Kowledge for Solutios 56. More effective use of kowledge is the key to helpig cliets deliver multi-sector, multi-stakeholder solutios to the toughest developmet challeges. The WBG has deep experiece i tailorig its services to the eeds of public ad private cliets, ad itegratig fiacial ad ofiacial services. However, makig the shift to a systematic ad rigorous developmet solutios approach will require the WBG to sharpe its use of kowledge, icludig i support of policy dialogue. Buildig o chages that have already bee made (such as the reorgaizatio of the IFC global idustry practices i May 2013), the WBG will orgaize to facilitate the geeratio, sharig, ad applicatio of kowledge from iside ad outside the WBG to esure that cliets beefit from the fidigs of worldwide research ad experiece, ad to help build up local capacity to geerate ad use kowledge for developmet. 57. The Bak will create global practices as the corerstoe of a agile global kowledge ad talet orgaizatio. Global practices will combie the established stregths of local delivery support with the ability to geerate, share, ad deploy kowledge globally, facilitatig rapid respose to cliet demads ad focusig o cuttigedge developmet challeges. They will stregthe the mobilizatio, flow, ad sharig of expertise ad kowledge that is presetly fragmeted across geographic ad sector uits. Frot-lie teams will be supported by IT platforms ad other tools eeded for evidece-based decisio-makig ad implemetatio. Global practices will also foster learig ad career developmet for staff through greater mobility, stroger talet maagemet, ad better-coected professioal commuities. Certai global practices may be WBG-wide, if there is a busiess case. As the global practices are desiged over the comig moths, maagemet structures ad staff icetives will eed to esure a strog focus o multisector approaches to equip the WBG to address complex developmet challeges. 58. The ew global practices will be selected to reflect WBG comparative advatages, cliet demad, ad evolvig developmet challeges. Maitaiig the capacity to egage i sectors across the developmet ageda (Box 6) is essetial to supportig cliets i deliverig customized, multi-sector solutios to critical developmet challeges. The orgaizatio of techical expertise ito global practices will sigal selectivity ad a emphasis o multi-sector solutios. The choice of areas i which to build the practices will be based o evidece of aligmet with the goals, the likely developmet impact, ad comparative advatage, takig ito accout cliet feedback. The choice will also be guided by global treds, to keep the WBG at the cuttig edge of developmet challeges. The global practices will evolve to reflect chages i developmet challeges, with the potetial for dyamic etry ad exit. The practices will sharpe decisio-makig about developig WBG techical expertise ad staffig, idetifyig areas for ivestmet i kowledge ad learig i shapig the future of the WBG, ad buildig parterships with other actors that are based o complemetary stregths. B. Achievig Results through the Sciece of Delivery 59. Developmet solutios are about achievig results. Over the last decade, the developmet commuity, icludig the WBG, has made sigificat progress i helpig cliets focus o results developig ew methods for measurig outcomes, rigorous evaluatios of program WORLD BANK GROUP STRATEGY 21

26 Box 6 Sector Expertise across WBG Agecies Helpig cliets deliver developmet solutios to complex, multidimesioal problems like urbaizatio higes o the ability to draw i expertise from differet sectors i a itegrated maer. For the Bak, maitaiig capacity across multiple techical areas is importat; withdrawig from etire sectors is ot a optio. Ideed, agriculture ad ifrastructure offer cautioary tales: the World Bak early exited the agriculture sector, oly to scramble to ramp up i respose to food crises ad global food security cocers; ad its egagemet i ifrastructure plummeted o the assumptio that private sector solutios could fill the gap, oly to be reivigorated later. For the Bak, the focus withi each sector chages cotiually with such factors as evolvig developmet eeds, shifts by other developmet actors ad the emergece of ew actors, ad chages i the Bak s global role. IFC ad MIGA also itetioally shift their busiess i sectors, i lie with the guidace provided by IFC areas of strategic focus ad MIGA priorities shifts that are moitored i aual busiess reviews. IFC s regioal focus has shifted substatially; ad o the sector side, decisios to focus o agribusiess, climate chage, ad micro, small, ad medium-sized eterprises led to sigificat icreases i program share. I maufacturig, IFC has icreased its focus o areas where it had critical mass ad more successful operatios ad reduced its focus o other areas. impacts, ad ew results-orieted istrumets ad advacig evidece-based policymakig. Yet more eeds to be doe to refie these tools, eable real-time learig ad midcourse correctios, ad geeralize their effective use. The WBG eeds to focus more specifically o how its egagemets cotribute cocretely to reducig poverty ad boostig shared prosperity, as well as how to moitor ad measure results as a Group. Oe way will be by egagig more systematically with citize-beeficiaries to gai isights o the results ordiary people most value, suggestios about potetial risks ad ways to address them, ad feedback o the effectiveess of WBG-supported programs. The WBG is i a strog positio to itegrate citize voice i developmet programs as a key accelerator for achievig results. 60. The sciece of delivery ceters o esurig that the iteded beefits of developmet solutios are realized i practice. The sciece of delivery etails iteractig with cliets to help them deliver, sustai, ad measure results; cliets ca the scale up the lessos leared from this experiece. There are three facets to effective ad efficiet delivery: (a) esurig that the goods ad services promised do i fact materialize ad are i lie with expected costs, (b) evaluatig whether these goods ad services beefit the targeted citizes ad result i the iteded outcomes, ad (c) adaptig iteratively the chose itervetio as eeded, or droppig it i favor of alterative approaches, util the desired impact (icludig cost-effectiveess) is achieved. As practitioers documet delivery ad measure outcomes, they will feed experiece back to the global level, eablig others to lear ad adapt their approaches. Over time, these cycles of learig ad actio ca accelerate to help reduce poverty ad build shared prosperity. The use of evidece ad metrics to measure, lear, ad adapt stads at the core of the sciece of delivery as a more rigorous, scietific approach to developmet. This implies rebalacig icetives toward deeper cliet egagemet o implemetatio, moitorig ad evaluatio, ad learig. 61. To further the sciece of delivery ad the results culture, the WBG will: Cotiue the move that has bee uder way for several years to develop a body of kowledge ad practice that recogizes the importace of local coditios ad tacit kowledge to support adaptive practitioers who kow that effective delivery is as much about the local ad istitutioal dimesios of delivery as it is about the techical desig of developmet solutios. Ecourage istitutios ad parters worldwide icludig through South-South exchages to capture ad share tacit ad implicit kowledge, as well as evidece from research ad evaluatio, ad facilitate its migratio from ad to frot-lie implemeters. Mobilize support for local implemetatio strategies via kowledge hubs, learig ad research, iovatio i 22 WORLD BANK GROUP STRATEGY

27 impact evaluatio, ad a variety of approaches to diffusio of iovatio ad kowledge exchage. Actively egage with civil society ad liste systematically to citize-beeficiaries to ehace the impact of developmet programs, provide isights o the results ordiary people most value, ad collect feedback o the effectiveess of WBG-supported programs. Establish a WBG results measuremet commuity of practice, stregthe icetives to foster a culture of results, adapt results measuremet systems to the requiremets of multi-sector approaches, ad address the challege of measurig the impact of kowledge activities. Develop a iteral WBG results framework, with the WBG Scorecard at the apex, ad with the key elemets beig reflected dow ito the VPU/busiess uit ad staff performace agreemets, as appropriate, while allowig for VPU/busiess uit specificities. This framework is iteded to stregthe the accoutability for results throughout the WBG. C. Seekig Trasformatioal Egagemets 62. The WBG will icrease its emphasis o egagemets that have the potetial to have a trasformatioal effect that is, to improve fudametally the lives of poor ad disadvataged people. Trasformatioal egagemets may produce demostratio effects with potetial for replicatio or scalig up; geerate spillover effects o multiple sectors of the ecoomy, icludig broader chages that icrease govermet effectiveess or stimulate private ivestmet; result i far-reachig, sometimes uaticipated, impacts; or help cliet coutries, regios, or eve the etire developig world shift to a higher ad/or more sustaiable developmet path (Box 7). These egagemets are ofte multi-sector i desig ad ofte ivolve a mix of kowledge services, policy reform, ad ivestmet. Typically, such egagemets ivolve very strog cliet owership. 63. There is clearly scope to be more ambitious i seekig trasformatioal egagemets while recogizig the added costs, loger time horizos, ad risks of failure. Trasformatioal egagemets geerally ivolve greater risks ad require loger time horizos to realize results. Ideed, some trasformatioal egagemets are ot idetifiable ex ate, as the true trasformatio is ot apparet util after completio of the activity. I certai cases, a sequece of icremetal steps might appear ot to be trasformatioal at first, but evetually leads to trasformatioal results whe carried out cosistetly over time. Most trasformatioal egagemets etail parterships i which the WBG may play a leadig or supportig role. For a growig umber of cliet coutries, trasformatioal egagemets are about regioal itegratio, ivolvig both game-chagig ivestmets ad actio to address policy costraits that require a coordiated respose by several coutries. I may istaces, trasformatioal activities origiate from outside the WBG that is, the WBG is ot the source of the trasformatio but helps scale up success or play a coector role, commuicatig a successful experiece to other cliets. The WBG ca expad its role as a platform to dissemiate ad/or scale up the impact of exteral developmet iovatios with trasformatioal potetial. 64. Greater emphasis o trasformatioal egagemets will icrease developmet impact. The WBG will: Udertake measures based o pilot work already uder way to help idetify egagemets with potetially trasformatioal impact. Establish guidelies for plaig ad budgetig for potetially trasformatioal egagemets, idetifyig ad moitorig their risks, ad trackig ad learig more systematically from the outcome of these egagemets. Review how the WBG s products ca better support potetially trasformatioal egagemets. Provide staff with the resources ad icetives to work o these (ofte log-term) egagemets, ad develop mechaisms to moitor their progress ad outcome. This will ivolve commitmet ad clear sigalig by WBG Seior Maagemet. D. Takig Smart Risks 65. I shiftig to a solutios culture, the WBG eeds to focus o smart operatioal risk-takig while preservig its iteratioally respected fiduciary, itegrity, ad safeguards orms. Risk aversio leads to missed opportuities ad limits the ability to maximize developmet impact, icludig by carryig out experimetatio ad iovatio i the search for optimal developmet solutios. The WBG s complex operatioal risk maagemet structure, time-cosumig compliace, ad iadequate WORLD BANK GROUP STRATEGY 23

28 Box 7 Examples of Trasformatioal Egagemets Over the years, the WBG agecies, idividually or joitly, have supported a wide rage of activities that are ow cosidered to have bee trasformatioal from eradicatig river blidess, to helpig reform public procuremet i Chia, to facilitatig the scaleup of coditioal cash trasfer programs i Lati America ad the adaptatio of the model to other regioal cotexts. As the followig additioal examples illustrate, such activities have take place i coutries, across regios, ad eve globally. Coutry Impact. Turkey s Decade of Eergy Sector Reform Program improved eergy security through regulatory reforms, electricity market developmet, private ivestmet, reewable eergy, ad atural gas developmet. The Bak has egaged sice the 1990s with ivestmet, advisory services, ad policy ledig; IFC has leveraged private sector ivestors. The program has resulted i billios of dollars of private ivestmet for power geeratio ad distributio, ad trasformed Turkey ito a major regioal trasit hub for atural gas. The Bujagali Power Project, approved i 2007, doubled Ugada s electricity geeratio capacity. The joit egagemet of IDA, IFC, ad MIGA crowded i oe of the largest private fiacigs i the power sector i Sub-Sahara Africa. Parterig with the Govermet of Ugada ad other aid agecies, the WBG provided $800 millio i fiacig ad guaratees, while esurig evirometal, social, ad ecoomic due diligece. Bujagali established a model for WBG collaboratio i the power sector that is beig replicated i other IDA coutries. Regioal Impact. The Efficiet Securities Markets Istitutioal Developmet (ESMID) program is a multi-regio, joit WB/IFC effort to develop securities markets to provide fiacig for ifrastructure, housig, ad private sector growth. To date, ESMID has facilitated $950 millio i bod issues i East Africa ad has supported the developmet of a regioal bod issuace framework. The time eeded to approve bod issues i Keya ad Tazaia has dropped to 45 ad 60 days, respectively, from about 270 days. ESMID has also supported the establishmet of a regioal istitute that has traied over 2000 participats. Global Impact. The Equator Priciples are a set of volutary stadards, based o IFC s Performace Stadards, that the bakig idustry uses to address evirometal ad social risks i project fiace. Itroduced i 2003, the Priciples have become the de facto gold stadard i the project fiace marketplace. The Bak s path-breakig iitiatives o iformatio disclosure have served to icrease trasparecy i developmet fiace worldwide, spurrig other developmet agecies to publish more operatioal data. The WB s ladmark policy o Access to Iformatio (2010) makes public iformatio about project activities, fiacial flows, aalytic ad advisory activities, ad Board proceedigs. The Ope Data Iitiative esures free ad ope access to developmet statistics. Bak adherece to the Iteratioal Aid Trasparecy Iitiative provides users with access to data i a machiereadable ad globally comparable format data that coutry cliets have used i macroecoomic policy, fiscal plaig, ad budget maagemet. support to teams for risk maagemet reduce operatioal efficiecy ad limit the istitutio s comparative advatage. The WBG eeds to maage risk better to focus o developmet impact, icrease delivery speed, ad improve agility. The key is to chage the risk culture for operatios ad reduce the costs of doig busiess. IFC is ahead of the Bak i this area; because IFC ad MIGA cliets ad products are differet, the istitutios approach risk differetly. Smart risk-takig will help cliets to stregthe their capacity, ad it will require a accoutability mechaism that complemets compliace with a focus o outcomes. A uified operatios risk maagemet framework will be established that is focused o cliet systems ad results. The uified approach will shift the focus to the risk to developmet results, with cliet risks ad the use of cliet systems ad istitutios at the ceter. It will deepe ad expad the ew accoutability framework, establish clear risk toleraces at the portfolio level with clear escalatio protocols for decisio-makig, ad itroduce a simplified tool focused o key risks to developmet objectives that are mapped to a cosistet set of risk categories. 24 WORLD BANK GROUP STRATEGY

29 The WBG will take actios to istill ad urture a culture of iformed risk-takig: develop a commo set of values ad behaviors, implemet a culture chage process, step up peer learig, ad cut churig o high-risk activities with potetially trasformatioal impact. It will put i place a istitutioal structure (icludig policy formulatio ad iterpretatio) that supports iformed risk maagemet ad moves resources to work directly with cliets. It will also work to improve the effectiveess of WBG maagemet iteractio with such oversight etities as the Ispectio Pael ad the Itegrity Vice Presidecy. 6. OPERATIONALIZING THE GOALS AT THE COUNTRY LEVEL 66. Operatioalizig the goals meas workig with cliets to help them idetify ad address the biggest challeges ad opportuities to reducig poverty ad buildig shared prosperity i a sustaiable maer. The emphasis is o workig as Oe WBG, with each agecy adaptig its specific busiess model to esure aligmet with the goals, maximum developmet impact, ad comparative advatage. For the Bak, this meas improvig the focus of coutry programs withi the existig model, based o coutry demad ad iteratioal priciples of aid effectiveess. For IFC ad MIGA, it meas guidig decisios about ivestmet ad advisory services by the two goals ad exercisig selectivity withi their strategic focus areas. For private sector cliets, aligmet with the goals through selectivity will be based o the priciples of developmet impact, fiacial sustaiability, leverage, ad additioality. For the WBG as a whole, it meas steppig up regioal coordiatio to ehace collaboratio at the coutry ad regioal level. Operatioalizig the goals will be a difficult challege ivolvig extesive stakeholder participatio, learig by doig, ad adaptig the approaches over time. A. Improvig the Focus of Coutry Programs 67. To help coutry cliets accelerate progress toward the goals i the cotext of their atioal developmet programs, the WBG will improve the focus of its coutry programs. A stregth of the WBG is supportig coutries with strategy ad advice. While today s coutry strategies are broadly aliged with the WBG s missio, it eeds to provide cliets with more coordiated ad focused programs: activities ad itervetios eed to be better prioritized accordig to their expected impact o the goals. I particular, the WBG eeds to move away from iteral supply pressures to carry out specific programs ad establish a effective mechaism to recocile coutry demads with the goals. Better plaig ad executio are essetial, with more attetio devoted to appraisig evidece, usig kowledge, ad applyig midcourse correctios as eeded. Fially, improved quality cotrol ad moitorig are critical to ehace accoutability ad learig i this cotext, greater attetio eeds to be paid earlier o to esurig the evaluability of programs, ad to stregtheig capacity for moitorig ad evaluatio. 68. The WBG will establish a more evidece-based ad selective coutry egagemet model. At its core, the ew egagemet model seeks to maximize the use of evidece ad aalysis to help coutry cliets focus o the challeges of meetig the two goals i the cotext of coutry owership ad atioal priorities, ad i coordiatio with other developmet parters at the coutry level. The model comprises three mai elemets: A Systematic Coutry Diagostic (SCD) that uses data ad aalytic methods to support coutry cliets ad WBG teams i idetifyig the most critical costraits to, ad opportuities for, reducig poverty ad promotig shared prosperity sustaiably, while explicitly cosiderig the voices of the poor ad the views of the private sector. The SCD will build o available aalysis ad diagostic work icludig govermet studies, WBG reports such as Coutry Ecoomic Memorada ad Poverty Assessmets, ad studies by other developmet parters a key distictio beig that SCDs will focus o the two goals, ad o idetifyig the most critical, pressig actios, ot a comprehesive list of policy recommedatios. The SCD s fidigs will guide policy dialogue with coutry authorities, ad ca be widely dis- WORLD BANK GROUP STRATEGY 25

30 semiated to ecourage coordiatio with developmet parters ad dialogue with domestic stakeholders. A Coutry Partership Framework (CPF) that will describe focus areas for WBG support, aliged with the coutry s ow developmet ageda ad selected primarily to address the key costraits ad opportuities idetified i the SCD, bearig i mid cliet demad as well as the comparative advatages of each WBG agecy ad other developmet parters. For each focus area, the framework will outlie the most promisig itervetios, the uderlyig workig hypotheses ad supportig evidece, expected outcomes, ad lead idicators. This more rigorous emphasis o the aalytical framework ad evidece-based aligmet with the goals distiguishes the CPF from the curret Coutry Partership Strategy/Coutry Assistace Strategy (CPS/CAS) that it will replace. Implemetatio plas supportig the CPF will guide how coutry teams aim to achieve the results set out i the CPF, icludig the broad mix of aticipated WBG services. These plas will facilitate collaboratio withi ad across sectors ad WBG istitutios. Performace ad Learig Reviews will idetify ad capture lessos from implemetatio to determie midcourse correctios, ed-of-cycle learig, ad accoutability, as well as to help build the WBG s kowledge base, icludig effective approaches for itegratig iclusio ad sustaiability dimesios (icludig geder ad evirometal sustaiability) ito the SCD ad CPF. They will replace Coutry Portfolio Performace Reviews ad CPS/CAS completio reports, ad will provide iputs for subsequet diagostics. 69. Implemetig the CPF will be challegig, ad there will be a eed to adapt it to specific coutry circumstaces. First, coutry owership will remai critical. I situatios where the aligmet betwee coutry demads ad the goals remais uclear, the WBG will work with coutry cliets to deepe the aalysis, uderstad the political ecoomy, ad pursue dialogue i a effort to help clarify the most appropriate ad promisig pathways toward the goals ad build social cosesus. Secod, parterships will be essetial. WBG coutry teams will work with key parters at the coutry level, icludig the IMF ad MDBs, ecouragig them to egage i the SCD process ad seekig their iput ito the formulatio of CPFs where appropriate. Third, data availability will be a limitig factor, particularly i coutries with weak coutry statistical systems: oly oequarter of WBG member coutries have adequate capacity ad data to assess progress i poverty reductio ad shared prosperity, ad to accout for sustaiable developmet. Workig with developmet parters, the WBG will lauch a ew iitiative uder which member coutries will be requested to gather relevat data ad improve access to ad dissemiatio of these data through a global database. 70. The ew CPF will be accompaied by actio to ehace its effectiveess i practice: A clearly defied moitorig ad icetive framework will be established for each CPF to set targets, assess progress, ad reward selectivity, results, ad learig. New plaig ad budgetig guidelies will support selectivity ad provide for cost-effective implemetatio of the CPF. A ew support ad review process will be itroduced to provide ecessary quality cotrol for the SCD ad CPF. Priority will be accorded to buildig staff capacity ad skills to use the ew istrumets (SCD, CPF, ad Performace ad Learig Reviews) effectively. Iitial fudig has bee allocated i the FY14 budget for the global iitiative to improve coutry data o poverty, shared prosperity, ad sustaiability. B. Stregtheig WBG Regioal Coordiatio 71. The WBG will stregthe regioal level coordiatio amog the Bak, IFC, ad MIGA. Improved WBG coordiatio is a key issue: curretly, priorities are rarely set by ad for Oe WBG, ad coordiatio of activities at the coutry ad regioal level is ofte ad hoc. To address this, a ew Regioal Coordiatig Mechaism (RCM) will be itroduced to complemet the CPF. The RCM will recogize that the Bak operates primarily at the coutry level, while IFC sets priorities, programs, ad results at the regioal level ad MIGA determies its operatioal focus at the sector level. The RCM will also help the WBG improve its egagemet with regioal istitutios ad ehace the focus o regioal projects with potetially trasformatioal impact. It will build o the successful attempts to improve coordiatio of activities that have bee emergig i certai Regios. Uder the RCM, Bak ad IFC Regioal Vice- Presidets ad the MIGA Vice-Presidet will meet quarterly to agree i which coutries to carry out joit SCDs/ CPFs, ad i which focus areas to have joit implemetatio plas. 26 WORLD BANK GROUP STRATEGY

31 7. WORKING WITH PARTNERS TOWARD THE GOALS 72. Meetig the goals demads deepeig parterships that brig together the resources, expertise, ad ideas of actors across the developmet spectrum. No oe agecy aloe ca help coutries reach the goals, ad the WBG will promote a call to actio for all developmet actors to work i cocert. Parterships eed to operate o every scale, from multibillio dollar programs with global costituecies to village cooperatives. The WBG s egagemet with costituecies o issues across the developmet spectrum allows it to help brig together the developmet commuity to support trasformatioal developmet solutios ad focus o results. However, this requires the WBG to deepe its role i promotig partership, esurig strategic aligmet of its parterships with the goals, ad makig provisios for parterships to be adequately resourced ad maaged. A. Workig with Parters 73. The Bak, IFC, ad MIGA have participated i a wide variety of parterships for developmet. Parterships provide a opportuity to egage with diverse actors, icludig CSOs, multilateral ad bilateral agecies, academic istitutios ad thik taks, foudatios, ad the private sector. They provide a way to harmoize developmet policies ad practices at the coutry level aroud coutry priorities, ad at the regioal ad global levels. Parterships help shape the global developmet ageda (e.g., geder, climate, gree growth, global health, goverace ad trasparecy) ad help esure that the developmet commuity speaks with oe voice. They foster collective actio, develop ideas, ad promote iteratioal stadards. Parterships represet a broad rage of collaborative relatioships. For example, the WBG is: Workig with better-off developig coutries that are icreasigly providig kowledge, experiece, ad, i some cases, fiace to the poorest coutries. The WBG supports these emergig parters, ecouragig South- South exchages. Workig at the coutry level with govermets ad parters to esure that approaches are well coordiated ad cotribute to atioal developmet priorities; ad collaboratig with CSOs, local commuities, ogovermetal orgaizatios, ad grassroots orgaizatios to foster owership, delivery, ad feedback. Egagig i istitutioal parterships (e.g., the UN for FCS ad the EU for accessio coutries) that focus o specific developmet issues for certai cliet segmets. Parterig with iteratioal bodies ad other actors to advace issues such as goverace ad aticorruptio, SME fiace, capital markets, fiace for wome, road safety, food security, urba developmet, ad iclusive busiess. Parterig with developmet fiace istitutios, icludig by participatig i, ad sometimes maagig, ivestmet vehicles. Collaboratig with the IMF ad other MDBs to share stadards, cofiace projects, ad together ifluece the broader developmet ageda. Eterig ito parterships with foudatios to share good practice, covee key stakeholders, ad develop programs. 74. There has bee a surge i partership programs i the WBG over the past decade. I 2011, some 186 Bak programs received close to $7.5 billio i door cotributios ad disbursed $6 billio. This substatial role illustrates that developmet parters have cofidece i the WBG to provide fiduciary oversight, etrée ito coutry programs, ad support for global agedas ad iteratioal stadard-settig. Trust fuds with fudig from doors, other multilaterals, ad icreasigly from private foudatios/philathropy accout for oe out of every 10 dollars the Bak disburses to cliet coutries today. They support early oe-quarter of the Bak s admiistrative spedig ad are ow solidly embedded i the Bak s fiduciary cotrols ad operatioal systems. Trust fuds are also a importat istrumet for IFC, particularly for helpig cliets prepare ad maage ivestmets. B. Aligig Parterships with the Goals 75. Achievig the goals etails ew partership efforts to mobilize the iteratioal commuity. Successfully overcomig the toughest developmet challeges to edig poverty ad buildig shared prosperity requires collective actio at all levels. The WBG will lead or follow others, as appropriate. Particular emphasis eeds to be placed o relatioships with other multilateral orgaizatios, otably WORLD BANK GROUP STRATEGY 27

32 Box 8 Parterig i the Great Lakes Regio of Africa The Peace, Security ad Cooperatio Framework brokered by the AU, SADC, ad the UN was siged i February 2013 uder the auspices of the UN ad the AU. The Uited Natios Secretary-Geeral appoited a Special Evoy for the Great Lakes Regio to work with the parties to the Framework to deliver o their commitmets. The Europea Uio is a log-term supporter of regioal istitutios ad programs i the regio. The Africa Developmet Bak is pursuig a strategy of regioal ifrastructure ad capacity. The Europea Ivestmet Bak is supportig ifrastructure. The WBG has proposed a comprehesive package of support of about $1 billio, icludig the potetially trasformatioal Rusumo hydropower plat for which US$340 millio i IDA fuds was approved i August. The project will: Geerate 80 MW to be equally shared amog Burudi, Rwada, ad Tazaia ad develop the trasmissio etwork that will eable power iterchages i the regio. Be the first of its kid i East Africa that ivolves three coutries with major eergy deficits. Save o expesive thermal power with cosiderable ecoomic, social, ad evirometal beefits. Feature a agreemet to structure the project as a publicly owed but privately maaged operatio. Support regioal itegratio that will help build cofidece for the regio s peace, stability, security, ad developmet. the UN agecies ad the other iteratioal fiacial istitutios. A ecouragig example of such egagemet is the regioal partership to promote peace ad security i the Great Lakes Regio of Africa, which ca serve as a model for other FCS (Box 8). 76. The WBG eeds to esure that its parterships are well aliged with the goals ad that they draw o its comparative advatages. To date, fud-raisig has bee largely decetralized, ad there has bee little focus o corporate maagemet of partership programs. There is a eed for more strategic decisio-makig aroud which parterships to take o, what partership programs to host, what roles the WBG should play, what type(s) of fiacig mechaism(s) to use, ad whe ad how exits should be cosidered. Parterships eed to be able to demostrate clear impact o global agedas ad coutry programs. The WBG also eeds to esure that its global egagemets complemet coutry programs ad that ay coflicts are productively recociled. The decisio-makig process for partership programs regioal or global iitiatives fiaced through trust fuds eeds a explicit strategic focus, ad istitutioal resposibilities for oversight of partership programs across the WBG eed to be clarified. Trust fuds ad parterships must be maaged to cotribute to ad alig with the WBG s coutry-based work ad global program iitiatives, whether by facilitatig iovatio, scalig up operatios, or ehacig door harmoizatio. 77. The Bak has lauched the ext phase of trust fud reform ad developed a maagemet framework that will stregthe the strategic focus for partership egagemets. The ew maagemet framework for partership programs provides for more cosistet decisio-makig based o greater clarity about the Bak s roles ad accoutabilities ad about the choice of fiacig mechaism, with special attetio to fiacial itermediary fuds. It takes a life-cycle approach based o three phases: (a) idetificatio, preparatio, ad approval; (b) operatioal ad portfolio maagemet of ogoig partership programs, icludig robust results frameworks ad ogoig risk maagemet; ad (c) plaig ad maagig possible exits. The framework emphasizes strategic aligmet, oversight, ad risk maagemet. The ext phase of trust fud reform will ceter o esurig that trust fuds support progress toward the two 28 WORLD BANK GROUP STRATEGY

33 goals. A more coordiated fud-raisig approach ad the ew strategy-drive budgetig process will provide opportuities for itegrated reveue ad expediture plaig, thereby stregtheig the strategic aligmet of trust fuds. 78. Reforms to stregthe the strategic aligmet of trust fuds ad partership programs will set the stage for maagig WBG global egagemets as more explicit busiess lies. This ivolves establishig clear policies for budgetig, cost recovery, ad results moitorig of WBG global egagemets. Esurig that global egagemets are maaged as well-defied busiess lies will ehace their developmet impact ad sustaiability. C. Parterig with the Private Sector 79. Private sector resources ad expertise are critical to achieve the goals. Give the scope of the developmet challege ad the limited resources of its agecies, the WBG must crowd i the private sector o a much greater scale tha i the past. I additio to icreasig fiacial resources, partership with the private sector ca create jobs, trasfer techology, build skills, ad promote iovatio ad etrepreeurialism. The WBG is usig multiple mechaisms to help scale up impact i the private sector: (a) mobilizig iteratioal ad local capital, (b) leveragig parterships, (c) settig global stadards, (d) supportig improvemets i the ivestmet climate, ad (e) seekig projects with potetial to promote iovatio, geerate demostratio effects, ad/or have trasformatioal impact. 80. The WBG has log-stadig experiece i mobilizig private parters, ad plas to expad these efforts. All WBG agecies parter with the private sector. For example, IBRD s pioeerig of gree bods, followed by IFC ad other issuers, has catalyzed the ew gree bod market that helps mobilize icreased private capital for climatesmart projects. Through the sydicatio program, the Asset Maagemet Compay, ad other iitiatives, IFC is workig to exted its cofiacig platforms to sizable pools of alterative ivestors such as sovereig wealth, istitutioal, pesio, ad philathropic fuds. Icreasigly, other developmet fiace istitutios are ivestig side-by-side with IFC. MIGA works itesively with other isurers to create capacity ad maage risk, especially i large ad log-term projects. MIGA also frequetly works alogside other developmet istitutios especially atioal export credit agecies to help structure projects ad catalyze productive ivestmet, ad it is sigificatly expadig its efforts to mobilize capital through isurace products. 81. The WBG will strive to further leverage resources ad parterships i the private sector. The WBG is expadig its activities i capital market developmet ad fiacial products, explorig iovative ways of fiacig ifrastructure ad other projects. It is also explorig scalig up its work o fiacial access by firms ad households, ad icreasig support across the WBG through the ew Fiacial Developmet Coucil. IFC is lauchig a cliet relatioship model to develop log-term parterships with cliets accordig to their potetial for developmet impact ad their cotributio to IFC profitability. May IFC cliets are ow actively ivolved i programs to ehace the developmet impact of their operatios. Uder the ew model, key parters will be mobilized for each idustry group ad type of advisory service. This presets a opportuity for IFC to egage more deeply with cliets to share kowledge o developmet ad results, ad potetially to work with them i a partership to ivest i ad grow their busiesses with a focus o developmet impact. Workig with parters is a essetial part of MIGA s busiess model. MIGA has set up arragemets to expad its busiess developmet reach through such methods as a formal cross-marketig agreemet with the IFC ad World Bak Treasury. Give the ature of the guaratee busiess, which revolves aroud leveragig, MIGA will cotiue developig such parterships to scale up ew busiess ad icrease impact. There is scope for expadig the use of guaratees across the WBG, particularly for large ifrastructure projects. WORLD BANK GROUP STRATEGY 29

34 8. WORKING AS ONE WORLD BANK GROUP 82. Workig as Oe World Bak Group focused o the goals is vital to the WBG Strategy. Buildig o recet actios to itegrate corporate support fuctios, collaboratio across the WBG will be icreased systematically, ad plaig ad budgetig processes will be better coordiated at the corporate level. The WBG has idetified specific areas for greater collaboratio from busiess plaig to trasformatioal projects to joit corporate focus o key emergig developmet issues. These iitiatives will be reiforced by stepped-up efforts to alig policies ad practices ad promote chages to the operatioal cultures of each agecy to recogize ad appreciate how workig together will beefit the world s poor ad disadvataged people. 83. It will take time, cocerted effort, ad a cotiual chage process to realize the full potetial of workig as Oe WBG. There is a solid basis for deepeig collaboratio sigificatly while maitaiig the idividual idetities, distict cliet focus, ad particular stregths of the Bak, IFC, ad MIGA. The lessos leared from earlier iitiatives to improve collaboratio at the istitutioal level guide curret efforts (Box 9). These lessos suggest that (a) Maagemet sigals for collaboratio at all staff levels must be strog; (b) collaboratio at the maagemet level eeds to clearly established ad exercised; (c) costructive relatioships ad trust must be fostered amog staff workig across the WBG; (d) greater effort is eeded o aligig strategy ad plaig to complemet aligmet at the project level; ad (e) compatible systems, such as IT ad kowledge maagemet, are required to eable collaboratio. A. Scalig Up Collaboratio 84. Workig as Oe WBG meas scalig up collaboratio. Ehaced collaboratio will better exploit syergies ad will also esure uiform messagig to govermets with respect to the appropriate mix of private ad public provisio, particularly for sectors such as social ad physical ifrastructure, the fiacial sector, ad rural/agricultural developmet. 85. The ew CPF will maistream joit busiess plaig as the backboe for stregtheig operatioal collaboratio. Better operatioal collaboratio will reiforce the impact of WBG activities o the two goals. The Regioal Box 9 Iitiatives to Improve WBG Collaboratio Past attempts to icrease collaboratio amog the Bak, IFC, ad MIGA have met with varyig degrees of success. Seior Maagemet Committees existed i various forms betwee 1989 ad A umber of joit departmets have bee set up ad subsequetly disbaded over the past two decades: global idustry departmets, Private Sector Developmet ad SME Departmets, ad the Privatizatio Advisory Departmet. A few busiess uits are curretly joit, icludig the Ivestmet Climate Departmet, the Global Idicators ad Aalysis Departmet, the Fiacial ad Private Sector Developmet Vice-Presidecy, ad the IFC-MIGA Busiess Developmet Uit. Betwee 2008 ad 2011, the IDA-IFC Secretariat made progress o a umber of specific iitiatives to improve WBG collaboratio, but may of them were stalled whe the Departmet was disbaded. MIGA ad IFC have also attempted to icrease icetives to collaborate. I FY10, MIGA ad IFC established a formal busiess developmet partership through which both istitutios leverage their stregths to offer more seamless service to private sector cliets ad provide iovative solutios to coutries. IFC brigs its global presece, extesive cliet base, ad wide rage of ivestmet products, while MIGA brigs its uique set of political risk guaratees ad uderstadig of the dyamics ad maagemet of political risk. I December 2012, the decisio was take to itegrate corporate support fuctios Huma Resources, Exteral ad Corporate Relatios, ad Iformatio Techology Solutios across the WBG to make the best use of resources, professioal skills, ad istitutioal kowledge. The ew WBG Itegrated Services orgaizatioal structure was lauched i July WORLD BANK GROUP STRATEGY

35 Coordiatig Mechaism uder the CPF will provide the key platform for stregtheig joit plaig. Regios, with East Asia ad Pacific i the lead, have begu carryig out joit plaig efforts focused o prioritizig joit coutry-level activities. Joit busiess plaig will also build o ogoig efforts at the sector level. For istace, i 2009, a Bak-IFC team developed a joit strategy ad actio pla for developmet of Lao PDR s hydropower resources. More recetly, a joit IDA-IFC-MIGA team developed a comprehesive Eergy Busiess Pla for Nigeria. MIGA has moved toward collaborative plaig, primarily through aligmet with Bak ad coutry priorities. MIGA s uderwriters cosult with Bak colleagues to esure that proposed projects are fully cosistet with the coutry strategy ad policy dialogue with the govermet. 86. The WBG will icrease the umber of joit projects. At preset, the level of collaboratio is low: out of over 400 IFC projects aually, approximately 20 are joit projects, represetig oly about oe percet of Bak ledig. There is somewhat more collaboratio o advisory services: percet of IFC s advisory projects ivolve collaboratio with the Bak. Broadly speakig, there are two types of joit WBG projects: (a) joit fiacig of a sigle project, a recet example of which is the Keya Private Sector Power Geeratio Support Project (2012), which uses IFC s logterm debt, IDA partial risk guaratees, ad complimetary MIGA guaratees for commercial fiaciers to mobilize private sector fiacig as a key elemet of the risk mitigatio framework to support the coutry s idepedet power producer program; ad (b) a sequece of projects with a shared objective ad strategy, utilizig a rage of WBG products ad services for example, developmet of the water sector i St. Lucia over the course of 2001 to Both types of joit projects eed to be scaled up. Give the vast eeds for ifrastructure i cliet coutries, the WBG will explore mechaisms to promote a stroger pipelie of joit ifrastructure projects. 87. To support scalig up, the WBG will review its portfolio of products ad services to improve syergies ad elimiate overlap. The extesive portfolio of products ad services across the WBG has greatly facilitated customizatio to differet cliets ad filled a variety of developmet gaps. However, as the WBG agecies have ofte udertake product developmet i isolatio of each other, there are ievitable overlaps i some products ad services. As a start, the WBG has lauched a review of its rage of advisory services to govermets related to private sector developmet, with a view to clarifyig ad ratioalizig resposibilities, maximizig effectiveess, ad brigig high value ad timely service to cliets. 88. Efforts at the regioal, coutry, ad project levels to scale up collaboratio must be complemeted by chages i icetives, eablig policies, ad practices, ad by traiig. WBG maagemet iteds to set objectives ad measure collaborative behavior, ad to reward staff for it. Corporate metrics will be developed, such as a idicator that captures iter-istitutioal mobilizatio amog the Bak, IFC, ad MIGA that ca be tracked ad reported i the WBG Corporate Scorecard. WBG safeguards are highly valued by may cliets ad stakeholders, but differet evirometal ad social policies (the Bak s Safeguards ad IFC s Performace Stadards, which MIGA also uses) hider the ability to work effectively as Oe WBG. Movig to harmoized policies for the WBG, followig IFC s performacebased approach i a maer that is cosistet with the Bak s Articles of Agreemet ad recogizes the differet eeds of public ad private sector cliets will promote better coordiatio. This process will take ito accout the results of the Bak s ogoig safeguards review ad cosultatios process. WBG maagemet has recetly issued iter-istitutioal guidelies for maagig operatioal coflicts of iterest as part of its broader push to promote collaboratio ad i respose to perceptios of coflict of iterest as a reaso to ot egage with the other agecies. WBG maagemet will lauch a iitiative to develop traiig modules o WBG products ad services ad embed them i existig traiig programs to address the broad lack of kowledge ad uderstadig at almost all levels of staff about what each agecy does ad what products ad services are offered. B. Joit Learig ad Collaboratio 89. The WBG has a established track record of ivestig i thikig ad learig aroud key developmet issues to equip the istitutio to pursue its missio. Yet this has bee accomplished primarily at the agecy level; oly ifrequetly have the WBG agecies joied forces at WORLD BANK GROUP STRATEGY 31

36 the corporate level to focus o a particular developmet issue or to promote iovatio. As the WBG ow focuses o well-defied goals, its agecies ehace collaboratio, ad global practices are established, this is a opportue time to cosider importat issues emergig o the developmet horizo i which the WBG ca make a differece by shapig thikig about how best to promote growth, iclusiveess, ad sustaiability. 90. I support of the goals, Maagemet is cosiderig a small umber of developmet issues for which to step up joit learig ad collaboratio. These are issues o which work may be ogoig withi each agecy, but for which ehaced joit collaboratio is expected to support achievig the goals. The issues will be selected because they will positio the istitutio to respod to global treds ad could have potetially trasformatioal impact o the two goals. Iterally, they will further collaboratio ad learig across the istitutio ad help build istitutioal comparative advatage. Stepped-up learig ad collaboratio are expected to result i improved evidece of impact o poverty ad shared prosperity; ew products (e.g., toolkits ad iovatio); ehaced core capabilities; chages i systems ad processes; ad/or improved ways of workig across the WBG. These areas have the potetial to ifluece global discourse ad could positio the WBG to take leadership o key developmet issues. Over time, the results of stepped-up learig ad collaboratio may be reflected i operatios, although ot i every coutry program. Maagemet iteds to develop a goverace framework for these issues, ad to review them regularly as part of the corporate plaig process. 91. Maagemet is curretly cosiderig four issues for joit WBG learig ad collaboratio. The first is fragility ad violece: joit learig ad collaboratio would focus o ideas to improve social sustaiability ad build safer commuities ad ehaced livelihoods, icludig through citize/ commuity security, slum upgradig, reducig urba violece, ad improvig the lives of ad creatig jobs for margialized groups. The secod is coectivity, for which joit work would look at ideas to lik poor ad disadvataged people with opportuities, icludig through trade, ifrastructure, ad fiacial etworks likig households ad busiesses to services, markets, ad ecoomic activity at the local, atioal, ad global levels, ad icreasig the resiliece of these etworks. The third issue is climate chage, which would focus o scalig up actio o low-carbo climate-resiliet cities, climate-smart agriculture ad sustaiable eergy; buildig capacity ad evidece to shape climate-resiliet developmet; improvig fiacig flows ad pricig; ad global advocacy for climate actio. The fourth issue is geder, which could address such topics as geder-based violece, iequality at work, ad discrimiatio uder law. 9. OUTCOME OF THE STRATEGY 92. The Strategy evisages a WBG that has catalyzed the developmet commuity to seize the opportuity to wi the age-old struggle agaist poverty ad exclusio. The repositioed WBG will have adapted to the mega-shifts i the global developmet ladscape. Workig with parters, ad workig with a reewed spirit of iteral cohesio ad efficiecy, the repositioed WBG will systematically support coutries i idetifyig ad implemetig tailored developmet solutios that serve poor ad vulerable people as they build a better future for themselves ad their childre. It will have demostrated its edurig value as the world s uique global multilateral developmet istitutio. A. Key Outcomes of the Strategy 93. The Strategy sets out the visio for a repositioed WBG that helps cliets address the most difficult challeges to reducig poverty ad buildig shared prosperity. The repositioed WBG will: Alig all WBG activities ad resources to the two goals, maximize developmet impact, ad emphasize WBG comparative advatage. Operatioalize the goals through the ew coutry egagemet model to help coutry cliets idetify ad tackle the toughest developmet challeges. 32 WORLD BANK GROUP STRATEGY

37 Be recogized as a Solutios WBG offerig world-class kowledge services ad customized developmet solutios grouded i evidece ad focused o results. Seek trasformatioal egagemets ad take smart risks. Promote scaled-up parterships that are strategically aliged with the goals, ad crowd i public ad private resources, expertise, ad ideas. Work as Oe World Bak Group committed to achievig the goals. B. Implemetig the Strategy 94. The Strategy will be carried out through implemetatio plas that support a effective ad efficiet WBG. The forthcomig Implemetatio Paper will describe the eeded chages i structures, systems, ad busiess processes, as well as the timetable ad actios for carryig them out. It will build o the earlier Bak moderizatio effort ad the progress made by IFC ad MIGA i recet years, ad cover the ogoig chage process across the istitutio. May of the chage elemets uderpiig the Strategy will be rolled out i the comig moths, but some may ot be fully implemeted for 1 2 years. 95. Implemetatio of the Strategy ad the chage process will be moitored regularly through the revised Corporate Scorecard. The apex of the revised Corporate Scorecard will measure joit WBG results. It is evisaged that this apex will comprise (a) coutry-level progress toward the two goals i the cotext of evirometal, social, ad ecoomic sustaiability, (b) WBG cotributios to these goals, ad (c) iteral WBG effectiveess idicators that will track strategy implemetatio ad the ogoig chage process (Box 10). The idicators i this WBG apex will cascade dow ito idicators for each of the WBG agecies i their idividual scorecards. As a livig documet, the revised Corporate Scorecard will be improved ad refied over time. The WBG will also use the aual Global Moitorig Report to report o global ad coutry-level progress i edig extreme poverty ad promotig shared prosperity sustaiably. Fially, the WBG will cotiue to coduct regular cliet surveys to gauge the degree of cliet satisfactio as the ultimate measure of success. 96. The repositioed WBG will be supported by a realiged fiacial strategy based o the priciple of fiacial sustaiability ad supported by a Oe WBG approach that will better serve cliets. A sigificat scalig up of the fiacial stregth of the WBG is vital to effective implemetatio of the WBG Strategy ad the istitutio s ability to play a leadership role. The magitude of the resource eeds will require the WBG to work closely with other parters, both public ad private. Accordigly, although the WBG does ot face imme- Box 10 Potetial Areas for WBG Strategy Results Framework Tier Oe (coutry-level data) Poverty goal Shared prosperity goal Sustaiability idicators evirometal, social ad ecoomic Tier Two Draw o existig Tier Two idicators commo to all agecies, e.g. Private capital mobilized by WBG Number of people reached by ifrastructure services Additioal idicators will be iserted (to be updated ad refied by ew global practices) Tiers Three ad Four Possible areas for moitorig could iclude: Leveraged resources Trasformatioal projects Oe WBG joit projects ad regioal busiess plaig Improved kowledge flows Systematic coutry diagostics Greater strategic aligmet of partership programs WORLD BANK GROUP STRATEGY 33

38 diate fiacial cocers, its fiacial capacity will eed to be stregtheed. To this ed, the WBG s fiacial model will be realiged to stregthe fiacial sustaiability ad expad fiacial capacity. Efforts to achieve these two iterrelated ad mutually reiforcig objectives will be uderpied by a collaborative Oe WBG approach that draws o the comparative advatages of each of the WBG istitutios, so that together the WBG is able to do more tha whe each agecy works separately. Accomplishig this realigmet will require cosideratio of measures o reveues, costs, ad fiacial capacity, to icrease fiacial resiliece as well as grow the WBG s ability to do more. Some measures ca be implemeted immediately, while others will require more work ad cosesus-buildig amog shareholders. Over time, these efforts will result i a leaer, more efficiet, ad fiacially stroger WBG that is better positioed to serve its cliets. 97. Resources will be aliged to the Strategy, ad WBG efficiecy will be improved. A ew budget process will alig resources with the Strategy ad goals. It will capture all reveues ad expeses; support icreased coordiatio across the WBG; focus o results; stregthe icetives for cost savigs, reveue ehacemet, ad selectivity; ad provide more flexibility. It will be simplified ad streamlied. Efficiecy will be improved usig a three-proged approach: (a) a right-sizig exercise will reduce costs ad complexity, ehacig the WBG s ability to target resources to areas of strategic focus; (b) the WBG will aim for greater (or full) cost recovery o stad-aloe fee-based busiesses ad trust fuded programs; ad (c) cosideratio will be give to ratioalizig budget-fuded grats. The right-sizig exercise will use objective bechmarks to tie the size ad compositio of uits across the WBG to the Strategy. The overall goal of the iitiative is a et reductio i costs while retaiig or expadig the capacity to deliver value to WBG cliets (this may require some targeted reivestmet). The scope will cover all activities: core operatioal fuctios as well as fiace, admiistrative, ad corporate fuctios. The work will be closely itegrated with the developmet of the global practices to esure that the implemetatio is cost-effective. The FY15 budget will reflect the prioritizatio ad sequecig to be outlied i the Implemetatio Paper, ad will brig together the right-sizig exercise, the work o global practices, ad the other elemets of the chage ageda. 98. Steps to stregthe WBG leadership, values, ad culture will help drive implemetatio, together with improvemets to huma resource maagemet ad the WBG s global footprit. A leadership visio ad revised values charter will guide all staff i implemetig the Strategy. Dedicated ad experieced staff represet the WBG s most importat asset. While WBG staff are geerally highly motivated, there is a eed to improve the maagemet of this global talet pool. Reforms will focus o (a) improvig maagerial effectiveess; (b) proactively maagig careers ad talet; (c) rewardig ad recogizig staff differetially o the basis of their performace, skills, ad market valuatios; ad (d) leveragig the WBG s global workforce. The aim is to move the WBG toward a performace-based culture ad world-class talet maagemet to esure that the right people are i the right place at the right time, ad doig the right thigs i support of the two goals. These reforms will be complemeted by actio to support icreased mobility of staff ad improve coectivity ad kowledge flows through ivestmets i techology. Decisios o optimizig WBG field offices will follow the desig of global practices ad developmet of the realiged fiacial strategy. 99. While the opportuity is historic, bold steps will be eeded by all stakeholders ad the risks are multifold. The WBG faces sigificat risks to deliverig o its commitmet to the two goals, particularly if it falters i implemetig the actios idetified i the Strategy. Maagemet will eed to meet its commitmet to keep the WBG reletlessly focused o the goals, to offer cliets world-class developmet solutios, ad to operate truly as Oe World Bak Group, as well as to move ahead with chages to make the orgaizatio more efficiet ad stroger. Cotiued strog egagemet with the Board of Executive Directors ad the Goverors will be decisive to address key areas such as the budget ad fiacial sustaiability, ad to support the shift to a Solutios WBG. Achievig the goals will deped o each member govermet ad the iteratioal commuity as a whole demostratig the political will to focus o the poor ad disadvataged, ad to act i partership with the private sector ad civil society. Effective global actio will require that all coutries ad multilateral istitutios demostrate a reewed capacity to collaborate. Together, we ca do what it takes to ed poverty ad build shared prosperity i our time. 34 WORLD BANK GROUP STRATEGY

39 2014 The World Bak Group 1818 H Street NW, Washigto, DC Telephoe: ; Iteret: Some rights reserved This work is a product of the staff of The World Bak Group. The World Bak Group refers to the legally separate orgaizatios of the Iteratioal Bak for Recostructio ad Developmet (IBRD), the Iteratioal Developmet Associatio (IDA), the Iteratioal Fiace Corporatio (IFC), ad the Multilateral Ivestmet Guaratee Agecy (MIGA). Note that The World Bak Group does ot ecessarily ow each compoet of the cotet icluded i the work. The World Bak Group therefore does ot warrat that the use of the cotet cotaied i the work will ot ifrige o the rights of third parties. The risk of claims resultig from such ifrigemet rests solely with you. The boudaries, colors, deomiatios, ad other iformatio show o ay map i this work do ot imply ay judgmet o the part of The World Bak Group cocerig the legal status of ay territory or the edorsemet or acceptace of such boudaries. Nothig herei shall costitute or be cosidered to be a limitatio upo or waiver of the privileges ad immuities of The World Bak Group, all of which are specifically reserved. Rights ad Permissios This work is available uder the Creative Commos Attributio NoCommercial NoDerivatives 3.0 Uported licese (CC BY-NC-ND 3.0) Uder the Creative Commos Attributio NoCommercial NoDerivatives licese, you are free to copy, distribute, ad trasmit this work, for ocommercial purposes oly, uder the followig coditios: Attributio Please cite the work as follows: The World Bak Group The World Bak Group Strategy. Washigto, DC: World Bak Group. Licese: Creative Commos Attributio NoCommercial NoDerivatives 3.0 Uported licese (CC BY-NC-ND 3.0). Nocommercial You may ot use this work for commercial purposes. No Derivative Works You may ot alter, trasform, or build upo this work. All queries o rights ad liceses should be addressed to the Publishig ad Kowledge Divisio, The World Bak Group, 1818 H Street NW, Washigto, DC 20433, USA; fax: ; SKU 32824

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