Details

Related name

• Kim, Jim Yong [Browse]

Series

• Speeches of World Bank Presidents. [More in this series]
• World Bank e-Library. [More in this series]

Summary note

Jim Yong Kim, President of the World Bank Group, is inspired by Belt and Road Initiative, which will improve trade, infrastructure, investment, and people-to-people connectivity - not just across borders, but on a trans-continental scale. It has the potential to lower trade costs, increase competitiveness, improve infrastructure, and provide greater connectivity for Asia and its neighboring regions. To ensure the Belt and Road Initiative's success, we need to remember these things: First, because of the Initiative's sheer size, the estimated investment needs will be large. Second, individual countries are at different stages of development, with varying capabilities, constraints, and risk profiles. They will need support mechanisms to define and meet consistent, satisfactory standards. Third, the benefits of the Belt and Road Initiative are broader than one project or one country. Projects will require innovative financing mechanisms - a mix of public and concessional finance and commercial capital. Finally, our decades of experience with large infrastructure projects suggest that project preparation and appropriate risk allocation will be critical for success.

Doi

• 10.1596/31111

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