Address by Ajay Banga - President of the World Bank - to the Board of Governors - at the Joint Annual Discussion - 2025 Annual Meetings

Jul 19, 2026

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Opening remarks from Ajay Banga, President of the World Bank, to the Board of Governors at the Joint Annual Discussion during the 2025 Annual Meetings. The address links hopes for peace in multiple conflict regions with the institution’s dual focus on reconstruction and conflict prevention. It frames development around jobs amid major demographic change, arguing that young people will face a sharp employment gap. Banga outlines urgency, clarifies what constitutes a job, highlights recent internal reforms, and presents a three-pillar strategy emphasizing government leadership, business-enabling conditions, and mobilization of private capital.

LanguageEnglish

CategoryResearch & Report

FormatPDF

Pages14

Reading Time35 min

Introduction

Peace, reconstruction, and conflict prevention

Demographic shift and employment urgency

Defining jobs and linking jobs to stability

Institutional reforms and delivery speed

Three-pillar jobs strategy

Government leadership and infrastructure

Business environment and economic management

Mobilizing private capital

Public Disclosure Authorized Public Disclosure Authorized October 17, 2025 Address by AJAY BANGA, President of the World Bank, to the Board of Governors of the World Bank, at the Joint Annual Discussion 2025 Annual Meetings Address by Ajay Banga, President of the World Bank, to the Board of Governors of the World Bank, at the Joint Annual Discussion Good morning. Deputy Prime Minister Correia, thank you for chairing this plenary. Kristalina, I’m glad to celebrate this partnership with you. +++ The recent events in Syria and Gaza give us reason to hope that peace is possible wherever conflict exists—DRC, Sudan, Ukraine, Yemen, and beyond. As we hope for peace, we must also prepare for it. In that pursuit, we’ve convened expert groups to plan for reconstruction in Gaza and Ukraine—drawing on regional specialists from both the public and private sectors. The Gaza group is now coordinating with partners active in the region. Reconstruction is an essential part of our mandate. A service we stand ready to deliver whenever and wherever it’s needed and to the best of our ability. At the same time, as an institution of development, we are equally committed to conflict prevention. Alongside rebuilding what has been lost, we must also focus on creating the conditions for opportunity and stability. That is what motivates our actions and decisions today. +++ We are living through one of the great demographic shifts in human history. By 2050, more than 85% of the world’s population will live in countries we call“developing” today. In just the next 10 to 15 years, 1.2 billion young people will enter the workforce—vying for roughly 400 million jobs. That leaves a very large gap. Let me express that urgency another way: - Four young people will step into the global workforce every second over the next ten years. - So in the time it takes to deliver these remarks, tens of thousands will cross that threshold—full of ambition, impatient for opportunity. The pace of population growth is most staggering in Africa, which will be home to one in four people by 2050. Between now and then estimates suggest: - Zambia will add 700,000 people every year. - Mozambique’s population will double. - While Nigeria will swell by about 130 million, firmly establishing itself as one of the most populous nations in the world. These young people—with their energy and ideas—will define the next century. - With the right investments—focused not on need, but opportunity—we can unlock a powerful engine of global growth. - Without purposeful effort, their optimism risks turning into despair—fueling instability, unrest, and mass migration—with implications for every region and every economy. This is why jobs must be at the center of any development, economic, or national security strategy. +++ But what do we mean by a job? - It can mean working for a company and advancing through it to higher levels… - or a being employed at a small business… - but it could also mean starting your own as an entrepreneur. Ajob is more than a paycheck. It is what allows both women and men to pursue their aspirations. - It’s purpose. It’s dignity. - The anchor that holds families steady and the glue that keeps societies together. - It is the straightest line to stability—and the hardest progress to reverse once achieved. That is why we have reframed what we do… …how we measure it….and how we deliver it—around this reality. Over the past two years , we have worked to move with more speed, simplicity, and substance. - Average project approval times have been cut from 19 months to 12. Some projects are now approved in less than 30 days. - We consolidated our leadership in 40 country offices, giving clients a single point of contact. By June next year, every country will have this structure. - Our Knowledge Bank is being combined across the Group—focused on replicating solutions at scale. - While

FAQs

What does Ajay Banga emphasize about the World Bank’s role during ongoing conflicts?

He emphasizes that reconstruction is essential to the mandate while the institution must also commit to conflict prevention and to creating conditions for opportunity and stability.

Why does the address focus on jobs in development and security strategies?

It argues that a major demographic shift will create a large employment gap, making jobs central to economic opportunity, national security, and long-term stability.

How does the address define a job?

It extends beyond a paycheck to include employment in companies or small businesses and also entrepreneurship, framing jobs as purpose and dignity that support families and society.

Jul 19, 2026

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