KEY POINTS:
World Bank president Robert Zoellick moved the international organisation into the world of public-private partnerships for the first time yesterday.
He said the bank was talking to private-sector firms about contributing to its fund for the world's poorest nations, adjusting its 60-year tradition of relying on rich Governments.
Zoellick, speaking during the annual World Bank and International Monetary Fund meetings, said he had been approached by "a couple of companies" about helping to finance the bank's International Development Association, the world's largest aid fund, to which the bank has so far committed US$3.5 billion ($4.67 billion).
"It could help us broaden the base of support for the funding of the 81 poorest countries in the world," Zoellick said. "We have had some discussions with those countries but we also have to work this through our board processes."
Indeed, it's not just corporates Zoellick wants to reach out to - charities and NGOs are also potential partners in the work of development.
"I don't see our involvement as just being limited to private companies," he said.
"I mentioned on a couple of occasions the innovative work that the Gates Foundation has done, and they have not only brought resources, but they have brought some impressive ideas."
Zoellick said these were encouraging developments, as talks were also under way with donor nations about replenishing the fund, which provides interest-free loans to poor countries. The fresh funding will cover the lending period starting 2009 to 2011.
"It is a good statement of confidence in what we are doing."
Zoellick has tried to boost confidence in the bank's ability to use the aid effectively by outlining a vision for the poverty-fighting institution before this weekend's meetings.
There was no direct reference to the tribulations of his predecessor, Paul Wolfowitz, who resigned at the end of June after being accused of a conflict of interest over a pay rise given to his girlfriend.
- Independent
