See below a letter published on 27 June 2023 in the Financial Times, written by WFEO President José Vieira.
Martin Wolf rang the alarm bell when he wrote that “developing nations have hit the rocks” (Opinion, June 14). We need a new global financial pact that addresses the full range of crises that are affecting developing nations. The challenges highlighted in the World Bank’s Global Economic Prospects report are an urgent call for every sector of society to step up and do their part to solve these intertwined problems.
Ajay Banga, the new president of the World Bank, has taken the job at a historical inflection point. He should seize the moment and join the regional development banks to inaugurate a unified agenda around climate and disaster-resilient infrastructure that combines climate action and poverty alleviation. More capital will be attracted if policies and projects reflect a higher standard of performance and a new unifying vision for people and the planet.
Ajay Banga, World Bank president © Christophe Ena/AP
The World Federation of Engineering Organizations, a UNESCO associate NGO representing 30 M engineers around the globe, is ready to work with government leaders and financial institutions to plan, design and build infrastructure that is vital to the future wellbeing of developing nations.
Every person in the developing world needs clean water for health, clean energy for transportation and electricity, and climate and disaster-resilient infrastructure for basic goods and essential services.
New values for environmental protection and restoration must stand side by side with social inclusion to ensure that no country or vulnerable population is left behind.
With more funds from governments, the World Bank and regional development banks can blend and mobilise public and private sector funding to provide developing nations with the ability to deal with debt, growth and development challenges.
Letter from WFEO President José Vieira
Courtesy of the Financial Times.
Copyright The Financial Times Limited 2023. All rights reserved.
JUN
2023