World Bank moving faster and thinking bigger to bring about digital transformation

The World Bank held its Global Digital Summit in Washington D.C. with the theme on ‘Digital Pathways for All’.

The World Bank’s Vice President for Digital Transformation Sangbu Kim kicked things off, remarking that this year sees the organization mark a new phase in its work as it harnesses digital technology for innovation and impact. Kim referred to policy reforms, private sector mobilizations, financing, expanding digital markets, and building DPI. “Move faster and think bigger,” he said in his speech.

In one of the first panels, Axel van Trotsenburg, senior managing director, World Bank, was joined by Amal El Fallah Seghrouchni, minister delegate to the head of government in charge of digital transition and administrative reform, Morocco; and Doreen Bogdan-Martin, secretary general of the International Telecommunication Union (ITU).

The Moroccan minister spoke about her country’s digital “transition” emphasizing that it takes time, that the progress her country has made in closing the connectivity gap has been the result of “proactive policies.” Morocco has made a concerted effort and made it a national priority to get people connected, so that now 90 percent are so, with thousands of rural areas receiving wireless Internet services.

Seghrouchni said they’d “adopted diversified ways for connection” including terrestrial networks and satellites. With ambitious plans to the end of 2030, including expanding network capacity, deploying new antennas, and expanding 5G coverage, Morocco aims to be a connectivity hub for Africa.

In another panel mostly focused on AI, Ajay Banga, president of the World Bank Group, spoke about his optimism for young people and the “output” of development: jobs.

Banga observed that there is an opportunity from the “demographic bulge” that’s coming through in the emerging economies in the coming 15 years. This is due to the fast-growth in population in countries such as Nigeria and the Philippines, mostly emerging economies. Banga said the World Bank is making targeted investments in primary healthcare, in agri-business, manufacturing for local consumption, and tourism.

In a blog post, Kim wrote about why his organization is changing its approach to digital development “to better meet” the “speed and scale” of today’s (digital) transformation. One of the biggest steps the World Bank Group is taking is launching the Accelerating Digitalization Global Challenge Program. The program combines public and private sector solutions to help countries “think bigger and move faster.”

One of the World Bank Group’s latest partnerships is the new Digital Empowerment and Equity Program, which aims to significantly increase the use of digital connectivity, devices, and digital services among women in low-and middle-income countries. The World Bank Group approach through the Global Challenge Program aims to “crowd in” private capital through loans and guarantees from their International Bank for Reconstruction and Development and International Development Association, financing from the International Finance Corporation, and “de-risking solutions” from the Multilateral Investment Guarantee Agency.

Article Topics

digital economy  |  digital inclusion  |  digital public infrastructure  |  public-private partnerships  |  World Bank