World Bank President Banga's Statements at the COP31 Global Finance Summit

Speaking at the Global Finance Summit held within the scope of COP31, hosted by Turkey for the first time, World Bank Group President Ajay Banga announced development strategies and efforts to combat climate change to the public.

In his opening speech at the summit, World Bank Group President Ajay Banga stated that their strategies are built on improving the infrastructure of physical and human capital, creating a favorable investment environment through strong institutions and predictable rules, and channeling financing into the sectors needed for development. Pointing out that adaptation is the priority in developing economies, Banga expressed that they aim to build physical resilience and institutional strengthening into development through a smart development approach.

Noting that investors need predictable policies and regulations, Banga shared that they have simplified access to guarantees, raising annual guarantees to the level of $25 billion. He also announced that they provided approximately 35 percent of their financing in local currency through the International Finance Corporation (IFC) and mobilized $112 billion in private capital in this fiscal year.