Pedestrians walk past the World Bank headquarters in Washington, D.C., the United States, April 10, 2023. (Xinhua/Liu Jie)
The new reforms are critical to achieving the goal of tripling annual guarantee issuance to 20 billion dollars by 2030.
WASHINGTON, Feb. 29 (Xinhua) -- The World Bank Group has announced a major overhaul to its guarantee business that will deliver simplicity, improved access, and faster execution through a new, convenient marketplace.
The new reforms are critical to achieving the goal of tripling annual guarantee issuance to 20 billion dollars by 2030, the World Bank Group announced on Wednesday.
Currently, the World Bank Group offers 20 guarantee solutions spread across the institution. Each comes with different processes, rules, and standards. "Ultimately, this holds back their potential and impedes client access," the multilateral lender said.
The overhauled approach, the first significant change in 15 years, will consist of six concrete updates: condensed structure; simplified and comprehensive product menu; streamlined process; greater accessibility; application of a risk-weighted approach that focuses resources on high-impact projects and portfolios of projects; innovative new tools.
The one-stop-shop overhaul will be available to all World Bank Group clients on July 1, the group noted. ■
