World Bank Group Strategy
At the 2013 Annual Meetings of the World Bank Group and the International Monetary Fund, the World Bank Group adopted a strategy titled Building A Solutions World Bank Group focused on aligning all of the institution's work with the twin goals of eliminating extreme poverty and boosting shared prosperity in a sustainable manner. The two goals are now at the heart of the World Bank Group's work. The first calls for reducing, by 2030, the share of the world's population living on less than $1.25 per day to no more than 3 percent. To accelerate progress, the Bank Group has also set an interim goal of cutting extreme poverty to 9 percent of the world's population by 2020.
The second goal of boosting shared prosperity will require promoting income growth of the bottom 40 percent of each developing country's population.
Implementation of the strategy supporting these goals involves sweeping institutional changes designed to significantly raise the World Bank Group's financial capacity as well as its operational efficiency. Under the new structures, the institutions of the World Bank Group—the International Bank for Reconstruction and Development (IBRD), the International Development Association (IDA), the International Finance Corporation (IFC), and the Multilateral Investment Guarantee Agency (MIGA)—will strengthen their collaboration to deliver effective solutions that bring global knowledge to bear on local challenges. Leveraging the strengths and resources of all four institutions will produce a stronger, more nimble, and financially sustainable Bank Group that is better able to deliver proven development solutions to its clients.
Delivering Results for Clients
The World Bank Group strategy comprises three pillars:
• The Bank Group will deliver results for its clients through country programs and regional and global engagements by offering knowledge and solutions to the toughest development challenges.
• Closer collaboration across the Bank Group will multiply the strengths of each institution by using their combined resources and expertise to serve clients as the "Solutions World Bank Group."
• Leveraging the partnerships, resources, and expertise of the private sector and other development actors will help the Bank Group maximize the impact of development in alignment with the twin goals.
A prominent change derived from the strategy is the development of Global Practices and Cross-Cutting Solution Areas, which are designed to reflect the institution's comparative advantages and better complement the existing strengths of its regional units and country offices. The Global Practices will improve the sharing across all regions of technical expertise and knowledge in 14 specialized areas of development: agriculture; education; energy and extractives; environment and natural resources; finance and markets; governance; health, nutrition, and population; macroeconomics and fiscal management; poverty; social, urban, rural, and resilience; social protection and labor; trade and competitiveness; transportation and information and communications technology; and water.
The Cross-Cutting Solution Areas will address development challenges that require integration across five areas of specialization: climate change; fragility, conflict, and violence; gender; jobs; and public-private partnerships.
The World Bank-composed of IBRD and IDA— has also adopted a new country engagement model that is designed to tailor policies and programs to the needs and priorities of individual countries. The model is centered on new Country Partnership Frameworks, which will be underpinned by evidence-based analysis and will help Bank Group programs selectively address areas that have the most impact in supporting countries' efforts to achieve the twin goals. This approach will include coordination with IFC and MIGA and will provide the basis for selective and focused engagements across the World Bank Group. Regular meetings of regional management from the World Bank, IFC, and MIGA will determine the appropriate level of engagement for each institution and identify where joint implementation mechanisms are needed.
The new approach will remain country focused, grounded in national priorities, owned by the country, and developed in coordination with other partners. Emphasis will shift from an approvals culture to a results delivery culture centered on implementation, real-time citizen feedback, and midcourse evaluation and correction.