Remarks by World Bank Group President Ajay Banga at the Side Event of Compact with Africa - G20 Finance Ministers and Central Bank Governors Meeting at Durban, South Africa on July 17, 2025

Overview & Synopsis

This report discusses the remarks delivered by Ajay Banga, President of the World Bank, at the Side Event of Compact with Africa - G20 Finance Ministers and Central Bank Governors Meeting at Durban, South Africa on July 17, 2025. He emphasized Africa’s pivotal role in shaping the future, highlighting its youthful workforce, natural resources, and growth potential. He warned of the risks posed by unemployment and stressed the importance of private-sector job creation. He highlighted on the World Bank’s three-step model - public investment, policy reform, and private sector support which was presented as a framework for sustainable development. He outlined initiatives like the Investment Lab and Compact with Africa’s second phase, aimed at fostering reform-driven environments for business growth. His remarks underscored the need for coordinated global efforts to unlock Africa’s promise as a driver of inclusive and resilient economic progress.