On the second day of its two-day World Summit on Sustainable Development, the World Bank said it was setting aside $6.5 billion for projects across the globe that are “designed to help improve lives in vulnerable regions and countries”.
“We have an obligation to address poverty, and this is our obligation to our citizens,” World Bank President Jim Yong Kim said.
“This includes tackling the root causes of poverty, including poverty, hunger and unemployment.”
The World Bank has also pledged $4 billion for the creation of 1.8 billion jobs for people who are under the age of 25 and 1.4 billion in rural areas.
The bank also announced the creation, at the request of the UN and other countries, of the Global Fund for Development, an international development bank, which will work in partnership with local governments and civil society to help build a sustainable future.
“We want to see a world that is truly inclusive, where all people can be treated equally, and where the opportunities for development are wide open,” Kim said in his keynote address.
“This means working together with all countries to create new tools, such as the Global Financial Accountability Framework, to help countries better understand their financial responsibilities.”
Kim said the World Council on Sustainable Economic Growth would create the Global Council on Climate Change and the World Environment Forum to develop strategies for tackling climate change.
The World Economic Forum and the Global Forum on Sustainable Business will also hold their annual meeting in Davos this week.
The summit, which begins on Thursday, is aimed at drawing together global leaders to tackle global challenges including climate change, sustainable development, and the spread of infectious diseases.
The meeting will focus on a new framework for governance and the rule of law.
The conference will also look at new ways of strengthening global cooperation and ensuring the stability of the global economy.