World Bank President Jim Yong Kim pledged Tuesday to increase funding for poor people living in countries in or near conflict as part of a new lending strategy for the global development bank, and he warned of the impact of U.S. fiscal uncertainty on developing countries.
“This is what happens when prosperity is reserved for a select few,” the World Bank president said. “All of those left out feel deeply the burn of inequity.”
To meet its goals amid greater competition for development funds and a tight budget, the World Bank must focus on fragile countries, which will house most of the world’s poor people in the next five years. Kim said the bank’s fund for the poorest will plan to increase its funding to fragile states by 50 percent over the next three years.