BENGALURU, February 25, 2023 – Today, World Bank Group President David Malpass met with Mohammed Al-Jadaan, Minister of Finance, Kingdom of Saudi Arabia.
President Malpass and Minister Al-Jadaan discussed the global economic outlook and agreed on the importance of reforms to enable business environments that increase internal investment and job growth.
President Malpass and Minister Al-Jadaan exchanged views on options and pathways to evolve the World Bank Group’s mission, strengthen its operating model, and improve its financial model and capacity while maintaining focus and impact on alleviating poverty and promoting growth.
President Malpass and Minister Al-Jadaan held good talks on the Kingdom of Saudi Arabia’s recent initiatives in climate mitigation and adaptation. President Malpass presented SCALE as a new fund that could provide grant inflows to help achieve verified greenhouse gas emission reductions and build a track record of projects that can lead to unlocking private sector funding through international carbon markets.
President Malpass thanked Minister Al-Jadaan for the Kingdom of Saudi Arabia’s generous pledge to IDA20, and they and they discussed the importance of concessional resources as a key part of addressing fragility and climate costs.