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The World Bank’s new guarantee platform aims to simplify private investment and accelerate funding for climate and infrastructure, with plans to triple guarantees to $20 billion annually by 2030. But critics demand greater accountability.
Also in today’s edition: We have the latest on IDB contracts, and we asked experts to name the biggest challenges to meeting the Sustainable Development Goals.
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De-risking, investing, innovating
The World Bank is turning up the dial on private capital mobilization with a new guarantee platform designed to simplify and supercharge its financial offerings. Launched in July, this "one-stop shop" aims to de-risk investments, making it easier for foreign investors and governments to access funding for impactful projects. Think of it as a financial safety net for projects tackling everything from climate change to infrastructure challenges.
Since its debut, the platform has facilitated $3.5 billion in deals, including renewable energy projects in Chile, Tunisia, and Uzbekistan; climate lending in sub-Saharan Africa; and expanded mobile money services in Tanzania. The bank also unveiled a tailored guarantee for carbon market transactions at COP29 in Azerbaijan, signaling its focus on climate solutions.
The platform streamlines previously scattered guarantee mechanisms across the World Bank Group's branches — Multilateral Investment Guarantee Agency, International Finance Corporation, and the bank itself — making it easier for clients to navigate. But behind the scenes, work is still in progress, as teams align processes and harmonize standards across divisions. Ethiopis Tafara, a senior MIGA executive, describes the challenge as creating a seamless system where one team handles due diligence while multiple stakeholders approve transactions.
The private sector is thrilled. Leaders from Citi and J.P. Morgan praised the initiative as transformative, with MIGA guarantees enabling banks to lend more in high-risk regions. For instance, a recent deal secured $584.6 million in loans for Panama's state bank to support small businesses, affordable housing, and gender-focused mortgages.
But not everyone is cheering. Civil society groups have flagged lapses in MIGA’s environmental and social policies, citing insufficient transparency and accountability. Critics are pushing for stricter adherence to climate goals and better reporting on greenhouse gas emissions, Devex Senior Reporter Adva Saldinger writes.
Read: The World Bank launched a one-stop guarantee shop. Here’s how it’s going (Pro)
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Unexpected passing
The global health community was shocked to learn of the sudden passing of Dr. Faustine Engelbert Ndugulile on Wednesday. He was slated to be the next regional director for the World Health Organization’s Africa office but died while receiving medical treatment in India.
Ndugulile, a career politician from Tanzania, was elected to serve in this role by African health ministers in August. He was set to replace Dr. Matshidiso Moeti in February. Moeti wrote that she was “deeply saddened and shocked” by the news of his passing, calling it “an immense loss."
Read: Candidate elected to lead WHO's Africa office has unexpectedly died
Nice tech if you can get it
The Access to Medicine Foundation’s latest index finds pharmaceutical companies making strides to improve drug access in low- and middle-income countries — but not quickly enough. While Novartis topped the rankings with expanded access and innovative frameworks, 61% of products still lack strategies for low-income countries, only slightly better than 2022’s 65%, Devex contributing reporter Andrew Green writes.
Efforts to prioritize diseases affecting LMICs are also lagging, with fewer pipeline projects targeting these conditions than two years ago. Clinical trials remain concentrated in wealthier countries, and many new medicines aren’t even registered in Africa. Access to Medicine Foundation CEO Jayasree Iyer calls for companies to accelerate progress, from issuing voluntary licenses to expanding access strategies and improving transparency on patient reach.
Nonetheless, there are bright spots: Pfizer is developing a maternal vaccine, and AstraZeneca/Sanofi, GlaxoSmithKline, and Novartis are developing treatments for respiratory syncytial virus, tuberculosis, and malaria, respectively. But as Iyer notes: “We need a stronger push for companies to deliver on their models.” Without faster action, millions in underserved communities may continue to miss out on lifesaving treatments.
Read: Some progress, but Big Pharma not moving fast enough to deliver access
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IDB's big year
The Inter-American Development Bank continues to make waves as a major multilateral lender in Latin America and the Caribbean, awarding 6,161 contracts worth $2.6 billion in 2023 — a slight increase from $2.5 billion in 2022. Most of the funding went to consulting firms and infrastructure projects, with Brazil and Argentina leading the pack, Devex analyst Alecsondra Kieren Si writes.
Top sectors included urban transport, with $465.7 million; road safety, with $114.2 million; and water and sanitation projects, with $106.6 million.
Country highlights:
• Brazil: 55 contracts worth $607 million.
• Argentina: 124 contracts totaling $581.2 million.
• Paraguay: 98 contracts for $211.3 million.
• Haiti: 73 contracts worth $159.7 million.
Read: IDB's top 10 contractors of 2023 (Pro)
Whoa, we’re halfway there (but not)
The clock is ticking on the 2030 Sustainable Development Goals, the ambitious global blueprint adopted in 2015 to create a better world. As we pass the halfway point, doubts are pretty stark about whether we can meet these lofty targets — but there’s still room for optimism, according to global leaders who weighed in on the challenges ahead.
Dorothy McAuliffe, U.S. special representative for global partnerships, sees hope in technology, with advances in artificial intelligence and fintech helping tackle issues such as climate change and food security. “I think the opportunity is around science and technology and how we can utilize the advances in science and tech to help us reach some of these goals quicker,” she says, highlighting its potential to support farmers, expand financial access, and electrify homes.
For Adeso’s Degan Ali, the real challenge lies in dismantling outdated global systems. She calls out the “colonial architecture” still embedded in governance and finance, insisting that foundational change is essential for meaningful progress.
José Andrés, World Central Kitchen founder, noted that unfulfilled promises have left people disengaged from politics. However, he believes they can be powerful agents of change if given the support and accountability they need.
The lack of financing remains a major barrier. Andrés called for matching big promises with funding, while Woochong Um, CEO of the Global Energy Alliance for People and Planet, stressed the urgency of mobilizing trillions to support low- and middle-income countries. Alvaro Lario, president of the International Fund for Agricultural Development, emphasized transforming food systems through local investments to tackle hunger and create rural jobs.
Read: What's in the way of achieving the SDGs? We asked the experts
In other news
Jordanian military planes delivered seven metric tons of food and essential relief to northern Gaza, aiding areas identified by the U.N. as most in need. [Reuters]
A U.N. report documented 336 human rights violations against Afghan media workers between August 2021 and September 2024, citing arrests, torture, and severe press restrictions. [UN News]
Africa faces a critical displacement crisis, with 35 million people forced from their homes, largely driven by escalating conflicts and violence. [VOA]
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About the author
Helen Murphy
Helen is an award-winning journalist and Senior Editor at Devex, where she edits coverage on global development in the Americas. Based in Colombia, she previously covered war, politics, financial markets, and general news for Reuters, where she headed the bureau, and for Bloomberg in Colombia and Argentina, where she witnessed the financial meltdown. She started her career in London as a reporter for Euromoney Publications before moving to Hong Kong to work for a daily newspaper.
