7 October 2024 Speech by Federal Minister Svenja Schulze at the signing of the agreement on hybrid capital with the World Bank
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President Banga,
Mr Wintels,
Ladies and Gentlemen,
The aim of German development policy is to secure social justice worldwide and protect global public goods. Goods like a healthy climate, biodiversity, pandemic preparedness or peace and security. So that all people everywhere have a decent life.
Through concerted efforts, the Bank, Germany and other shareholders have therefore worked to advance the reform of the World Bank in recent years. Today the Bank is a better bank: it is better placed than ever before. And it is able to lead the way when it comes to protecting global public goods.
Today we are increasing the punching power of the World Bank still further: with more funding and a strong partnership.
Germany is one of the first shareholders to provide the World Bank with the hybrid capital pledged at the Spring Meeting.
The additional funding will allow the Bank to become a bigger bank. The World Bank needs that in order to actually realise its vision of “a world free of poverty on a liveable planet”.
With the signing of the co-financing agreement, KfW and the World Bank can now partner together to initiate even bigger projects. This shows that they trust one another.
The aim of the HSC is to accelerate efforts to get back on track for achieving the Sustainable Development Goals.
The new contracts are an important milestone in that regard.