90958
                                             Promoting Shared Prosperity in an Unequal World:
                                          Key Challenges and the Role of the World Bank Group
                         Global Monitoring Report 2014: Ending Poverty and Sharing Prosperity
             Update on Implementation of the Gender Equality Agenda at the World Bank Group
                Macroeconomic Developments in Low-Income Developing Countries - 2014 Report
                                                               Chair Summary
                                                               September 9, 2014

        Executive Directors considered the papers that will be presented to the Development Committee.
They welcomed the focus on the wider development agenda and highlighted that the Development
Committee would be a critical opportunity to demonstrate how the World Bank Group (WBG) promotes
shared prosperity in client countries, and helps shape global debates on growth, redistribution and
inequality.
    Directors appreciated the synergies of the Global Monitoring Report (GMR) with Promoting Shared
Prosperity in an Unequal World: Key Challenges and the Role of the WBG. They supported the inclusion
of the WBG Twin Goals in the GMR and agreed that the three elements the Report focuses on
(investments in human capital, the best use of safety nets, and steps to ensure the environmental
sustainability of development) are all critical for inclusive and sustainable growth, and in attaining the
WBG’s twin goals and the MDGs. Directors welcomed the inclusion of high income countries. They
highlighted that growth depends on macroeconomic stability, increases in financial, human, and physical
capital, including infrastructure, and evenhanded regulation of enterprises and financial institutions.
    Directors agreed with the key elements for action to improve shared prosperity. They appreciated the
emphasis on governance and knowledge sharing, but noted that special attention should be given to
fragile and conflict-affected situations and South-South cooperation. Directors stressed that job creation
is central to shared prosperity. They also underscored the need to engage both the public and private
sectors to focus on interventions in areas where poverty and prosperity impacts may be both highest and
quickest. These include, among others, enhancing human capacities, infrastructure, agriculture, urban and
rural development, SMEs and access to finance. Directors would welcome stronger emphasis on the
sustainable development, climate-related issues and on inequality between countries. It was highlighted
that with the new country engagement model, the details of the development solutions must be country
specific.

    Directors commended the implementation of the WBG Strategy which will enhance the WBG’s
ability to help developing countries address these challenges. Directors emphasized the need to strengthen
monitoring and evaluation and appreciated the effort underway to strengthen data research and build
capacity in client countries. 

         Directors reiterated their strong support for the gender equality agenda. They welcomed the
progress made in FY14 and acknowledged the efforts to support country teams and to address critical
knowledge and data gaps. The renewed gender strategy will have a sharper focus on impact and
implementation. Directors emphasized the need to be inclusive, and more focused and integrated in the
World Bank twin goals. They encouraged the WBG to further strengthen efforts to integrate gender
equality objectives into WBG operations and provide client countries with knowledge and evidence to
bolster ownership. Directors looked forward to further guidance from the Ministers in the context of the
Development Committee discussions.




                                                            
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    This Summary is not an approved record.