World Bank Annual Meeting

Minister Müller initiates climate-friendly investments to overcome economic crisis in developing countries

German Development Minister Gerd Müller

17.10.2020 |

German Development Minister Gerd Müller is attending today's Annual Meeting of the World Bank in his capacity as the Governor for Germany. He stated that

"the COVID-19 crisis is having devastating effects on developing countries. Millions of people have lost their jobs and incomes and are facing the total loss of their livelihoods as a result of the breakdown of supply chains. 130 million people will be thrown into hunger and poverty. This will drive many economies to the brink of collapse. I welcome that the World Bank is taking decisive corrective action and has announced an extensive recovery programme, deploying 160 billion US dollars over the next months, up until mid-2021.

It is important that climate action is at the heart of the recovery efforts. Because climate change is progressing, including during COVID-19 times, and it is threatening the livelihoods of hundreds of millions of people - especially in developing countries. Alongside food issues, climate protection is vital to humankind's survival. That is why Germany is supporting the World Bank's efforts to go for climate action in its recovery programme right from the start. Germany is making 20 million euros available to get a Green Recovery Initiative started. We will use these funds to strengthen strategic advice to partner countries for green reforms so as to ensure that the World Bank's major recovery programmes go directly toward climate action, the phasing out of subsidies for fossil fuels and improved conditions for renewable energy. Advisory services will be provided to Ministries of Finance, central banks and other institutions."

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