Remarks at the Belt and Road Forum for International Cooperation
Jim Yong Kim, President of the World Bank Group, is inspired by Belt and Road Initiative, which will improve trade, infrastructure, investment, and people-to-people connectivity – not just across borders, but on a trans-continental scale. It has the potential to lower trade costs, incre...
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| Format: | Speech |
| Language: | English |
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World Bank, Washington, DC
2019
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| Online Access: | http://documents.worldbank.org/curated/en/297811536584334962/Speech-by-World-Bank-Group-President-Jim-Yong-Kim-at-the-Fragility-Forum-2018 http://hdl.handle.net/10986/31111 |
| Summary: | Jim Yong Kim, President of the World Bank Group, is inspired by Belt and Road Initiative, which will
improve trade, infrastructure, investment, and people-to-people connectivity – not just across borders, but on a trans-continental scale. It has the potential to lower trade costs, increase
competitiveness, improve infrastructure, and provide greater
connectivity for Asia and its neighboring regions. To ensure the Belt and Road
Initiative’s success, we need to remember these things: First,
because of the Initiative’s sheer size, the estimated
investment needs will be large. Second, individual countries
are at different stages of development, with varying
capabilities, constraints, and risk profiles. They will need
support mechanisms to define and meet consistent,
satisfactory standards. Third, the benefits of the Belt and
Road Initiative are broader than one project or one country.
Projects will require innovative financing mechanisms – a
mix of public and concessional finance and commercial
capital. Finally, our decades of experience with large
infrastructure projects suggest that project preparation and
appropriate risk allocation will be critical for success. |
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