Despite shifts in priorities due to the COVID-19 crisis, the World Bank Group continued to support clients in delivering key services to citizens. Decades of institution strengthening - policies, systems, and capabilities - in partner countries smoothed the way for governments to continue delivering basic services, and even expand them with World Bank Group support.
Over the longer-term, the World Bank Group helps countries deliver high level outcomes through a tested model that improves people's well-being in the context of country priorities, combines public and private lending, manages risks, and supports evidence-based decisions. The World Bank Group has articulated its renewed ambition toward a green, resilient, and inclusive development (GRID). In fiscal year 2021, the World Bank Group demonstrated its strong commitment to helping countries address climate change with $21 billion in climate financing and 50% in adaptation financing, making the Bank Group the largest Multilateral Development Bank contributor to climate financing.
The World Bank Group also deepened its commitment to inclusion, a key element of the GRID agenda, by helping countries advance gender equality. In fiscal year 2021, World Bank Group operations benefited an increasing number of women and girls.
The World Bank Group’s “cascade” approach to maximizing finance for development leverages all sources of finance, expertise, and solutions to support outcomes. Private capital mobilization remains challenging, given current market conditions. However, there have been some positive signs: IFC’s private capital mobilization edged upwards in fiscal year 2021, reaching $17.1 billion, and the share of private mobilization in COVID-19 related projects increased sharply from 12 percent to 40 percent in fiscal year 2021, reflecting increased investor interest.
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