
UNICEF’s Innovation Fund is a newly established, non-thematic, pooled fund which has been specifically designed to finance early stage, open-source technology that benefits children. When companies are considered for funding, three core areas are the focus:
- Products for Youth
- Real-Time Information
- Infrastructure
UNICEF’s Innovation Fund
UNICEF started its Innovation Fund back in 2016, and raised millions of dollars in the hopes of expanding technology for education for children of poverty across the globe. The Fund offers innovators in developing countries a pooled funding mechanism to help them take their tested projects to the next stage.
The Innovation Fund allows UNICEF to quickly assess, fund and grow open-source solutions that can improve children’s lives. Financial and technological support is available for companies using technology for education in innovative ways to improve the world. The Fund has made 57 investments in 33 countries, totaling $3.9 million in investments. UNICEF has set a goal to invest in 30 more start-ups in 2018. To date, the Innovation Fund has already invested in twelve companies since the start of 2018, with six in April alone.
Pixframe
The first three newest companies under the Products for Youth are Pixframe, Teliportme and Suzhou Crenovator Lab Corp. The last three newest companies funded under Real-time Information are Datawheel Chile, Thinking Machines and Dymaxion Labs.
Pixframe is a Mexico-based company developing a software platform leveraging games-based learning technology for education called Towi. This software strengthens children’s cognitive skills across different areas including memory and attention. The system evaluates children’s skills through a series of activities, which are then analyzed to develop personalized training paths.
Children with disabilities in countries like Mexico face particular challenges as schools’ capacities to diagnose and treat learning disabilities are limited. Towi test can be applied to a group of students simultaneously, without specialized supervision and in just one session, paving the way for a greater scale of disability care.
Teliportme and Suzhou Crenovator Lab Corp
Teliportme, based in India, uses WebVR technology for education by creating immersive and enhanced experiences for children. Immersive education has proven to help children understand concepts faster, while learning about and experiencing things what would not have been otherwise achieved. VR experiences can provide a new way of learning topics and making them more exciting and immersive.
Suzhou Crenovator Lab Corp is a Chinese company that uses a mobile application, called VRMaker, for Android-based phones which enables children to think, design and create content for VR devices.
The visual programming technology for education is specifically designed with a variety of digital assets that can be used to create everything from stories to education content and games. Children can express themselves with pictures and sound in a virtual world, with links to creating virtual reality stories.
Datawheel Chile
Datawheel Chile is developing a country-wide fully integrated solutions and data visualization engine that merges, optimizes and integrates multiple data sets and streams from multiple official sources, to empower decision makers to make better informed decisions. This technology for educations expands past the classroom and into the community.
Traditional data distribution efforts fail to visualize and deliver data in an integrated manner. Datawheel provides useful insights for the design and evaluation of education, childhood and youth policies. It will also help local governments make informed decisions and monitor key indicators.
Thinking Machines and Dymaxion Labs
Thinking Machines is a Philippines-based company that encompasses a software framework that leverages Natural Language Processing techniques. The software accurately matches huge numbers of records across data silos. In 2016, Thinking Machines was able to link three different Philippine government databases and accurately match records in a fraction of the manual time.
Dymaxion Labs in Argentina addresses the growth of informal settlements in Latin America. These settlements often do not have critical public services such as sanitation and thus result in health and environmental hazards, especially for children.
Census data collection makes it difficult to monitor the growth of such settlements since it is conducted every 10 years (on average).Dymaxion Labs’ solution is also useful for rapid response when strong climate events and humanitarian crises occur in risky zones. It could also be used to monitor population spread and changes as a result.
Through its investments, the Innovation Fund generates value by strengthening communities of problem-solvers, increasing open source intellectual property and growing technology for education to bring results for children.
– Richard Zarrilli
Photo: Flickr
Top 10 Facts About Poverty in Guangzhou, Guangdong
Guangzhou, Guangdong province’s capital and the third largest city in China, is known as the factory of the world. Skyscrapers and trade fairs bring beauty to the city as Guangzhou edges out competitive cities and sets itself up to become China’s technology leader by 2020.
Guangzhou wasn’t always this successful; in fact, it was once a rural area of China where poverty hit hard. As a matter of fact, all of China was once recognized as one of the poorest countries in the world to live in, and the city of Guangzhou wasn’t exempt to this status. To understand the evolution of poverty in Guangzhou, one should examine poverty in China as a whole. Let’s discuss the top 10 facts about poverty in Guangzhou.
Top 10 Facts about Poverty in Guangzhou
Steps Towards Poverty Alleviation
China as a whole has made significant strides in ending poverty. Once one of the poorest countries on the globe, with more than 500 million people living in poverty, China has found ways to eradicate this debilitating occurrence.
With Guangzhou as the epicenter of trade and economic development, China is now on track to meet its target—less than one percent living in impoverishment. A decrease in poverty in Guangzhou should follow suit, but only will time will tell.
– Naomi C. Kellogg
Photo: Flickr
UNICEF Innovation Fund: Frontier Technology for Education
UNICEF’s Innovation Fund is a newly established, non-thematic, pooled fund which has been specifically designed to finance early stage, open-source technology that benefits children. When companies are considered for funding, three core areas are the focus:
UNICEF’s Innovation Fund
UNICEF started its Innovation Fund back in 2016, and raised millions of dollars in the hopes of expanding technology for education for children of poverty across the globe. The Fund offers innovators in developing countries a pooled funding mechanism to help them take their tested projects to the next stage.
The Innovation Fund allows UNICEF to quickly assess, fund and grow open-source solutions that can improve children’s lives. Financial and technological support is available for companies using technology for education in innovative ways to improve the world. The Fund has made 57 investments in 33 countries, totaling $3.9 million in investments. UNICEF has set a goal to invest in 30 more start-ups in 2018. To date, the Innovation Fund has already invested in twelve companies since the start of 2018, with six in April alone.
Pixframe
The first three newest companies under the Products for Youth are Pixframe, Teliportme and Suzhou Crenovator Lab Corp. The last three newest companies funded under Real-time Information are Datawheel Chile, Thinking Machines and Dymaxion Labs.
Pixframe is a Mexico-based company developing a software platform leveraging games-based learning technology for education called Towi. This software strengthens children’s cognitive skills across different areas including memory and attention. The system evaluates children’s skills through a series of activities, which are then analyzed to develop personalized training paths.
Children with disabilities in countries like Mexico face particular challenges as schools’ capacities to diagnose and treat learning disabilities are limited. Towi test can be applied to a group of students simultaneously, without specialized supervision and in just one session, paving the way for a greater scale of disability care.
Teliportme and Suzhou Crenovator Lab Corp
Teliportme, based in India, uses WebVR technology for education by creating immersive and enhanced experiences for children. Immersive education has proven to help children understand concepts faster, while learning about and experiencing things what would not have been otherwise achieved. VR experiences can provide a new way of learning topics and making them more exciting and immersive.
Suzhou Crenovator Lab Corp is a Chinese company that uses a mobile application, called VRMaker, for Android-based phones which enables children to think, design and create content for VR devices.
The visual programming technology for education is specifically designed with a variety of digital assets that can be used to create everything from stories to education content and games. Children can express themselves with pictures and sound in a virtual world, with links to creating virtual reality stories.
Datawheel Chile
Datawheel Chile is developing a country-wide fully integrated solutions and data visualization engine that merges, optimizes and integrates multiple data sets and streams from multiple official sources, to empower decision makers to make better informed decisions. This technology for educations expands past the classroom and into the community.
Traditional data distribution efforts fail to visualize and deliver data in an integrated manner. Datawheel provides useful insights for the design and evaluation of education, childhood and youth policies. It will also help local governments make informed decisions and monitor key indicators.
Thinking Machines and Dymaxion Labs
Thinking Machines is a Philippines-based company that encompasses a software framework that leverages Natural Language Processing techniques. The software accurately matches huge numbers of records across data silos. In 2016, Thinking Machines was able to link three different Philippine government databases and accurately match records in a fraction of the manual time.
Dymaxion Labs in Argentina addresses the growth of informal settlements in Latin America. These settlements often do not have critical public services such as sanitation and thus result in health and environmental hazards, especially for children.
Census data collection makes it difficult to monitor the growth of such settlements since it is conducted every 10 years (on average).Dymaxion Labs’ solution is also useful for rapid response when strong climate events and humanitarian crises occur in risky zones. It could also be used to monitor population spread and changes as a result.
Through its investments, the Innovation Fund generates value by strengthening communities of problem-solvers, increasing open source intellectual property and growing technology for education to bring results for children.
– Richard Zarrilli
Photo: Flickr
The READ Act: The Impact of Education on Global Poverty
According to the UNESCO Institute for Statistics (UIS), nearly 263 million children and youth around the world are without an education. Of all of the regions, sub-Saharan Africa has the most detrimental number of children out of school – over a fifth of children between the ages of six to 11 and about one-third of children between the ages of 12 to 14. As the children grow older, the rates continue to worsen – almost 60 percent of youth between the ages of 15 to 17 are not receiving an education. The READ Act is a big step forward in the fight to change these numbers.
The Necessity of the READ Act
The UIS and the Global Education Monitoring (GEM) Report show that in Nigeria alone, 8.7 million children who are supposed to be in primary school are not. In Sudan, it is 2.7 million children and in Ethiopia, it is 2.1 million children. These children are not given the chance to thrive and challenge themselves and it is out of their hands due to the vast global poverty they are encompassed in.
Statistics such as this emphasize the importance of laws such as the Reinforcing Education Accountability in Development (READ) Act. This act was signed into law in 2017, and it is this law that is providing these 263 million children (130 million of whom are girls) hope for a deserved and promising education.
Bringing the READ Act into Reality
Representative Nita Lowey (D-NY) and Representative Dave Reichert (R-WA) first introduced the READ Act into Congress. Both Rep. Lowey and Rep. Reichert are important contributors to the passing of this bill, along with Senator Marco Rubio (R-FL) and Senator Richard Durbin (D-IL).
The main causes as to why these 263 million children do not have access to education are conflict and political instability. This law aims to provide education to the children who are in these situations, while simultaneously aiming to improve the overall quality of education. Rep. Reichert commented to World Vision, “By giving young people in impoverished regions the tools to read and write, we will put them down a positive path where they are better able to care for themselves, the needs of their families and their communities.”
The READ Act came about as an idea: what if the United States could make a significant difference by ensuring that every child has an equal and fair opportunity for a safe, quality education? After 13 years of constant due diligence and advocates contacting Congress over 1500 times, today there is widespread global success from this act.
How the READ Act Will Help
UNICEF reports that the READ Act of 2017 “will be tasked with developing a strategy to work with partner countries and organizations to promote basic education in developing countries.” The READ Act creates programs that also promote education as a foundation for economic growth. The act not only recognizes the importance of children having access to a quality education, it emphasizes that the act will create a chain reaction in communities by providing more jobs which will aid in diminishing poverty.
Rep. Lowey stated, “Prioritizing education around the world will not only help students learn to read and write – it will ultimately help protect vulnerable communities from hunger and disease and increase economic advancement, particularly for girls and women.” The READ Act, in providing millions of children around the globe with an education, is generously increasing the chance for these children to find jobs and build stable lives one day as they get older.
It is because of American citizens’ insistence that Congress take action that the READ Act has become an applicable law. More importantly, it is because of the citizens’ efforts that millions of children around the world now have new opportunities open for them and a brighter, more hopeful future to look forward to.
– Angelina Gillispie
Photo: Flickr
8 Global Issue Topics for Essays and Research Papers
Today, people are starting to become active participants in the fight against global issues and as a result, progress is being made. However, there are still individuals unaware of pressing issues around them. One way of bringing these people up-to-date would be through the use of essays or research. Here are 10 global issue topics for essays and research papers.
10 Global Issue Topics for Essays and Research
The Role of Essays and Research
There has been increasing progress towards solving the global issues; however, for some, this progress is too slow due to lack of understanding of preventative methods, diffusion of responsibility and unanswered questions. These global issue topics for essays and research papers can be used as a starting point to give more insight to others into the issues and how to get involved.
– Stephanie Singh
Photo: Flickr
Understanding What UNICEF Stands for and Why
The United Nations International Children’s Emergency Fund (UNICEF) is a program dedicated to providing developmental assistance to children and mothers in developing countries as well as supporting humanitarian efforts globally. UNICEF operates in over 190 countries in an effort to protect and save children’s lives.
How UNICEF Works
UNICEF receives its funding through donations from government entities around the globe as well as private donors. Of these funds, government entities are responsible for two-thirds of the organization’s resources. UNICEF stands for transparency. It reports that of the donations it receives, nearly 92 percent is distributed to relief programs.
UNICEF was founded in 1946 in an effort to help war-torn children in the many countries affected by World War II. In 1953, UNICEF dropped the words International and Emergency from its title in an effort to extend its reach to children in need in developing countries.
What UNICEF Stands For
Today, in cooperation with governments and NGOs, UNICEF stands for providing health care to children, promoting children’s rights and providing immunizations, adequate nutrition, safe food and water as well as basic education. UNICEF’s ultimate goal is to ensure that no child ever goes hungry, thirsty, dies prematurely or is bought, sold or otherwise victimized. In order to achieve this, UNICEF works with families in need and helps ensure adoption policies are in accordance with the best and most ethical practices today.
UNICEF stands for transparency in the nonprofit sector. It receives high praises from many watchdogs for its monetary transparency policies. Of every dollar spent, 90 cents go to children’s efforts, seven cents go toward fundraising efforts and three cents go toward overhead and administrative costs. As well as being transparent, UNICEF excels at working with other agencies and private businesses to fight for children’s rights.
UNICEF’s Partnership with Google
UNICEF works with companies like Google to respond to emergencies such as earthquakes, hurricanes and other natural disasters. Most recently, UNICEF has worked with Google to help aid children and families affected by hurricanes in Puerto Rico and the Caribbean.
As well as emergency aid, UNICEF and Google collaborate to support the annual flu shot campaign provided by UNICEF. This collaboration has raised over $600,000 toward UNICEF’s immunization program.
In 2016, Google helped UNICEF by donating $1 million to help fight the spread of the Zika virus. Google worked with UNICEF to build a program which tracked the anticipated outbreak of the virus and developed technology that is applicable to not only the Zika virus but other virus outbreaks in the future. With Google’s help, UNICEF helped prevent the spread of the Zika virus and saved the lives of many children and families around the world.
UNICEF is a program with the noble intentions of promoting children’s health and happiness around the globe. Many of the programs provided by UNICEF have helped greatly in reducing the abuse of children in over 190 countries. With its clear mission of transparency, UNICEF succeeds in providing aid to children and families in need. With the help of NGOs and companies like Google, UNICEF is set to continue its story of success in the future.
– Dalton Westfall
Photo: Flickr
How Japan’s Foreign Policy Solves Global Poverty Problems
Japan has an advanced transportation system, outstanding outcomes in the field of technology research and a matured business development model. As the world’s third-largest economy, Japan has been expanding its foreign policies to aid developing countries and boosts the global economy.
From Japan’s international cooperation on Pandemic Influenza to NERICA (New Rice For Africa), Japan plays an essential role in solving urgent and consistent poverty issues. Its foreign policies promote the progress of eliminating poverty worldwide. There are three cases of how Japan’s foreign policy solves global poverty problems.
Examples of Japan’s Foreign Policy
Overall, Japan’s foreign policy helps solve global poverty by sharing resources and advanced technology. For Latin America, Japan will promote its development by improving trade and investment to create a more comprehensive environment for economic growth. For the Middle East, Japan works on overcoming peace-building and human resources development, as well as a sustainable and stable energy supply. Japan’s foreign policy solves global poverty problems through science, technology and innovation.
– Judy Lu
Photo: Flickr
U.S. Investments Are Strengthening Education In Tunisia
The United States has invested $100 million in strengthening education in Tunisia, Africa. The project, known as Strengthening Foundations for Learning, is designed to support the government in addressing major challenges in primary education.
What Will the Project Do?
The main goal is to direct resources toward key areas for a transformative impact on student learning. The project will focus on expanding access to quality early childhood education, strengthening literacy and numeracy in the early grades, improving teacher skills and improving school management, accountability and student assessment.
Investment in high-quality early childhood education is one of the most cost-efficient investments in human capital. These investments have been linked to significant improvement in primary education grade promotion, reduction in repetition and dropout rates.
“By investing in education, Tunisia is investing in the future,” says Marie Francoise Marie-Nelly, World Bank Country Director for the Maghreb. “Quality basic education is a way of giving children the opportunity to become active participants in the transformation of the societies in which they live, and to contribute to future growth and prosperity.”
Who Will the Project Benefit?
The Strengthening Foundations for Learning Project will improve learning conditions in public preschools and primary schools. Increasing access to public preschool education in selected districts will be a main focus as well as strengthening management practices in education. The project aims to empower school leaders and instructional staff to work collaboratively to raise student achievement by strengthening education in Tunisia.
The direct project beneficiaries include an estimated 1,144,000 students attending public preschools and primary schools. Another 64,000 primary school teachers will benefit from improved opportunities for professional development. Furthermore, 5,360 primary school directors and deputy directors, 615 pedagogical inspectors and 850 pedagogical counselors will benefit from this project.
“Tunisia has successfully addressed issues of access to schooling, having achieved universal primary education and gender parity more than two decades ago, but the quality of education has suffered and students need to be supported in developing strong foundational skills,” says Michael Drabble, World Bank Senior Education Specialist and co-Task Team Leader.
What Does Strengthening Education in Tunisia Mean?
There are four core components attached to this project investment for strengthening education in Tunisia:
“Teachers need access to relevant and well-designed professional development programs to help them adapt new instructional methods to boost learning in the classroom. Well-prepared and committed school leaders are needed to turn around poor performing schools,” says Samira Halabi, World Bank Senior Education Specialist and co-Task Team Leader of the project.
This type of investment will provide unprecedented strengthening of education in Tunisia benefiting thousands of primary education students. Tunisia has a total of 2,199,000 students enrolled in primary and secondary education. Of these students, about 1,047,000, or 48 percent, are enrolled in primary education.
In Tunisia, the primary net enrollment rate is 99 percent and the primary completion rate is 102 percent. Both of these indicators provide a sense of the progress the country is making toward universal primary education.
The United States investment in Strengthening Foundations for Learning is a generous one with only beneficial outcomes. Continuously strengthening education in Tunisia is only going to provide better education and more access so that the country can grow and improve.
– Richard Zarrilli
Photo: Flickr
Girls’ Education in Belize Provides Career Opportunities for Women
In Belize, the gender gap between men and women has been prevalent and consistent. However, in 1990, a bill was signed into law prohibiting discrimination against women based on their gender. Since then, the country has promoted women’s rights and has specifically focused on girls’ education. There are three major ways the Convention on the Elimination of All Forms of Discrimination Against Women and the Women’s Anti-Discrimination Committee has promoted a better life and has improved girls’ education in Belize.
Increased Literacy a Result of Girls’ Education in Belize
More young women are literate than ever before, leading to a more balanced workforce. Literacy, a strong indicator of equality, has increased in younger women. When literacy increases, nationwide productivity is enhanced and the reduced gender imbalance allows for a more equitable work environment between the sexes. As such, women are being given a chance to obtain degrees and higher positions in the workforce.
Not only is it statistically proven that a nation’s economy benefits from girls’ education, the social impact of girls’ education in Belize allows for cohesive collaboration for well-being in Belize. A country such as Belize that is working towards progressive goals can only benefit from closing the gender gap between those in the workforce.
While the gender gap is not wholly solved by the presence of more young girls in school, there is a significant increase in women both in post-secondary education and in the workforce. There are discrepancies in pay, but the step of promoting literacy to young girls is an important step in building a stronger Belize.
Women Gaining Access to More Diverse Career Options
The more women there are attending schools, the more the gender-career divide disappears. Without initial education, there would not be a basis upon which to form the beginnings of a woman’s career. Historically, the church-state setup of the Belizean government has promoted that women, specifically women who do not conform to the ideal standards set by the church, should remain at home and fulfill tasks for the family rather than for the economy.
While there is no shame in a woman being at home for her family, the promotion of girls’ education in Belize is making that scenario just one option of many for women. In addition to the classic educational materials, women are now being given the option to study for previously male-dominated careers via hands-on skills in carpentry, mechanics and other areas. By addressing the traditions of separating men and women into categories of whom should perform what action in society, Belize is well on the way to developing a strong nation with a multifaceted and talented workforce.
Emphasis on Women’s Equality Reduces Domestic Violence
A focus on education promotes health and independence, which are important for a developing country. Historically, there has been a connection between women with lower education levels and higher levels of domestic violence experienced by those women. In promoting gender equality in schools for girls between ages three and five, a sense of pride, autonomy and strength develops.
In providing an alternative to learning domestic tasks, the Belizean government may begin to reduce the pressing issue of domestic violence. The efforts being made in Belize show that there will likely be more progress in a country that needs both men and women to contribute to its economic growth.
– Kayleigh Mattoon
Photo: Flickr
Girls’ Education In Iraq Still Needs Further Improvement
Once regarded as having one of the best education systems in the region, Iraq has had a difficult history with its education. From 1970 to 1984, Iraq had achieved multiple accomplishments, such as lowering the rate of illiteracy in children ages six to 12 to less than 10 percent and having an equal inclusion of genders in the classroom. Since then, girls’ education in Iraq has faced significant setbacks.
How Education in Iraq Fell
The war with Iran in 1980, the Gulf War in the 1990s and the 2003 Invasion of Iraq have greatly damaged the once inspiring education system. With one in five schools destroyed and unusable, teachers having to work double shifts for smaller pay and nearly 3.5 million children irregularly attending, Iraq’s education has hit a low point. Unfortunately, girls’ education in Iraq seems to have been affected the most.
Pushback Against Girls’ Education in Iraq
Many Iraqi families see education as a dangerous thing for their daughters. Through learning critical thinking skills and how to read and write, many families worry that their daughters will fall into an unhappy marriage. With 30 percent of Iraqi girls in rural areas never even attending primary school and illiteracy rates twice as high with women than with men, it is clear that girls’ education in Iraq is of high necessity.
One girl relayed on an Iraqi radio show what her father had told her. “If a girl studies too much, it will just make people get divorced,” she claims he said. “If my daughter goes to university, she will become very stubborn. Her husband won’t like this, and will eventually divorce her.”
Potential for the Future of Education
However, with the battle over the city of Mosul finally coming to an end, education for Iraqi children, especially girls, might finally be improving. UNICEF has been supplying desks, chairs and other necessary supplies to schools where the teachers have long been the ones supplying these needs, even when those teachers have not been paid in three years.
One school receiving help is Saint Abdul Ahed School for Girls. Even though the school has no electricity or running water and only 17 teachers on staff, it manages more than 1,100 girls. Each and every one of the girls is eager and ready to come back to school, though.
Rawan, 11, explained just how important being able to come back to the classroom was for her. “We have to learn to develop our thinking so we can build our future, and our country,” she says.
One teacher at the school shared with UNICEF how enthusiastic her students are. “The kids are overjoyed to come back,” she says. “Education heals.” Saint Abdul Ahed is only one of many schools within Mosul that has been able to reopen thanks to UNICEF. 100 other schools have also been reopened, serving 75,000 children.
While many of these schools deal with overcrowding, lack of electricity and water and overworked teachers with little pay, the dedication to improve girls’ education in Iraq is inspirational. With continued work, young women will soon be able to receive the same rights to education as their male counterparts.
– Marissa Wandzel
Photo: Flickr
A Comprehensive 75-Year History of the World Bank
The history of the World Bank is one of change. As the world’s leading development finance institution, the World Bank has established a unique global role over its 75-year existence leading to its modern goal of poverty alleviation. Its longevity and evolution have fostered a bevy of admirers and critics, and its efficacy in achieving its goals has been a cause célèbre for members of the international development community.
How the History of the World Bank Began
The World Bank was formed in 1944 during and because of the ruin caused by World War II. Its original purpose was as a source of financing for the reconstruction of Western Europe, as countries such as France, the beneficiary of the bank’s first loan in 1947, were so devastated that no commercial lender would risk their own capital. As Europe gained its footing and could once again access capital markets, the bank shifted to a global focus including Latin America, Asia and Africa.
However, the history of the World Bank is one of not just an expanding geographical focus but of expanding policy focus. The bank’s initial projects in the 1950s-60s focused on infrastructure and reconstruction, but over the decades this mission has evolved.
The World Bank’s Growing Purpose
The creation of the bank’s International Development Association (IDA) in 1960, with a mission to provide concessional loans and grants to the world’s poorest countries, presaged a shift toward supporting the world’s least developed economies. Bank president Robert McNamara’s pivotal 1973 speech in Nairobi was considered a turning point toward what is thought to be the most important of its many modern mandates: poverty eradication. In 2013, current President Jim Yong Kim described the institution’s twin goals as eliminating extreme poverty by 2030 and promoting income growth among the poorest 40 percent of the world’s population.
To this end, the World Bank has continued to represent a formidable source of financing. Its 2017 annual report totaled commitments of $61.8 billion in loans, grants, equity investments and guarantees to partner countries. For perspective, this is 57 percent greater than the 2019 President Budget for the State Department and USAID of $39.3 billion. The annual report also highlights the diversity of its initiatives, with projects ranging from support of Syrian refugees to cash transfers and nutrition services in
.
Pushback Against the World Bank
However, for an institution committed to a goal as noble as poverty eradication, the World Bank has attracted its fair share of critics. This stems from both the consequences of the Bank’s projects and questions surrounding the relevance of its strategy.
High profile projects have come under fire for decades for their unintended environmental consequences, such as the displacement of more than 60,000 Brazilians after the construction of the Bank-financed Sobradinho Dam in the late 1970s. Bank defenders would acknowledge these failures, but also cite the many safeguards implemented over the years to manage such unintended risks.
Other critics question the Bank’s relevance: in a world where private investors willingly commit over $1 trillion a year to emerging markets, is the multilateral really needed as a backstop? In stark contrast to the 1940s, financing is abundant and capital moves freely in many parts of the world. However, defenders might argue that the World Bank continues to fill financing gaps, as certain arms of the institution, such as the IDA, offer grants and concessional loans to low-income areas that cannot attract private investors seeking a profit.
Criticisms are likely to continue, but among multilateral institutions the size and clout of the World Bank in financing poverty alleviation projects are unmatched. Given its shareholders’ recent approval of a capital increase, the Bank’s financial footprint looks set to continue growing in the near future. The history of the World Bank is one of evolution, and supporters of international development hope its positive influence will continue to shape the poverty eradication landscape.
– Mark Fitzpatrick
Photo: Google