Remarks by World Bank Group President Ajay Banga at the Compact with Africa: G20 Finance Ministers & Central Bank Governors Meeting, Durban, South Africa
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Washington, DC: World Bank
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By the middle of the 21st century, Africa is poised to play a defining role in global development, with its rapidly growing population, abundant natural resources, and expanding cities. Ajay Banga, in his remarks at the Compact with Africa side event during the G20 Finance Ministers and Central Bank Governors Meeting in Durban, South Africa, emphasized the continent's potential to become a global growth engine. With the largest and youngest workforce, Africa has the capacity to feed the planet, power renewable energy solutions, and meet its own energy needs. However, this promising future is not guaranteed, as the continent faces significant challenges, including the need to create jobs for its burgeoning youth population. Banga highlighted the importance of private-sector job creation, which accounts for 90% of employment, and stressed the need for conditions that enable businesses to thrive. The World Bank Group plays a critical role in this effort, leveraging public financing, policy reform, and private sector support to drive sustainable growth across key sectors such as infrastructure, agribusiness, healthcare, tourism, and value-added manufacturing.
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ECONOMIC GROWTH, DECENT WORK, SUSTAINABLE CITIES AND COMMUNITIES, PARTNERSHIP FOR THE GOALS, COMPACT WITH AFRICA INITIATIVE, FRONTIER OPPORTUNITIES FUND