Ajay Banga, president of the World Bank Group, spoke on
Friday during the annual meetings of the International Monetary Fund (IMF)/
World Bank in Washington DC, the United States.

Banga said AgriConnect is the bank’s new initiative to turn
small-scale farming into an “engine of lasting growth, jobs, and food
security”.

The president said the initiative builds on the ecosystem
around cooperatives that would integrate financing for farmers and SMEs, link
producers to markets and harness digital tools, like artificial intelligence.

This, he said, is underpinned by a pledge to double
financing in agribusiness to $9 billion yearly and mobilise an additional $5
billion.

He said the group is also finalising a minerals and mining
strategy to help countries move beyond raw extraction into processing and
regional manufacturing.

The president further said the move would enable more value
and more jobs to “stay local”.

“We expect to share this strategy in the coming months,” he
said.

“So, how do we make this real? We begin with a single
Country Partnership Framework across the World Bank Group, that is developed
with the country’s leadership and our subject matter experts.”

Banja said each framework was a long-term strategic plan
that united the full capacity of relevant institutions within the World Bank
Group around a focused set of priorities.

He noted that the priorities would be tailored to a
country’s unique needs and ambitions.

“In one country, that might mean end-to-end mineral value
chains,” the president said.

“In another, tourism rooted in nature and culture, perhaps
stronger health systems that heal and employ or agribusiness ecosystems that
lift smallholder farmers.

“The path is tailored, but the fundamentals are shared.”

Banga listed the fundamentals to include building
infrastructure, setting clear, predictable rules and supporting private
investment.

According to the World Bank chief, to reach scale and free
up the balance sheet for the toughest challenges, the group must unlock the
full power of the private sector.

He said this is the reason why “we are breaking down
barriers to investment and creating conditions where private capital can
deliver development impact”.