Devex Pro Insider: Banking on common ground, and metaphorical and literal coffins

Spring is in the air. Easter is here. And for those who religiously follow finance, the World Bank-International Monetary Fund Spring Meetings in Washington, D.C., kick off this week. Despite the warming temperatures, U.S. President Donald Trump has given multilateral institutions the cold shoulder. The rumor mill has also been furiously churning out speculation that he might press the nuclear button and pull the U.S. out of the World Bank. We’ve been busy previewing what might happen this week to prepare you for the upcoming conclave of foreign ministers from around the world. Among other things, we spoke with U.S. Congressman French Hill, an influential point person for America’s relationship with the World Bank. The good news? He doesn’t believe the U.S. should abandon multilateralism. The troubling news? He thinks institutions such as the World Bank are “way, way” off course, in large part because of their focus — or fixation? — on climate change. “In the World Bank annual report, just for example, you see climate change mentioned 100 times, but you don't see malaria or HIV/AIDS or malnutrition or lack of education referenced virtually at all,” the Republican chair of the House Foreign Affairs Committee said during a recent Devex Pro briefing. “If that's not a classic example of being way off course, I don't know what is.” He wants the bank to focus on its “core mission” of tackling poverty, not taming rising temperatures. So, what does Ajay Banga, the president of the World Bank, want? While he defended the bank’s commitment to devoting 45% of its annual lending to climate-related projects in fiscal 2025, he insisted that climate change doesn’t distract from the bank’s overall mission to end poverty. Asked how that gels with Trump’s fiercely anti-climate views, Banga tried to smooth over those differences by essentially describing them as semantics. “The words might be a problem in different people's eyes, but when you unpeel the onion on what's inside the 45% that we committed to, we are not taking away from education and schools and development to fund something,” Banga said on a call with reporters last Wednesday. “It’s smart development.” He also noted that he’s had talks with the board about an “all-of-the-above” energy strategy — which very much tracks with Trump’s own strategy — though Banga pointedly left out oil and coal in his remarks. Rather, he focused largely on job creation as “the best way to drive a nail in the coffin of poverty.” Will that be enough to convince a mercurial U.S. president that the bank and his administration are on the same page? We’ll have a team on the ground in D.C. all week to keep you posted. Want to connect with that team during the Spring Meetings? Feel free to drop them a line at adva.saldinger@devex.com, jesse.chaselubitz@devex.com, or elissa.miolene@devex.com. Also in today’s edition: Philanthropies are signing on to freedom of speech. Are they girding for a battle with the Trump administration? Bits and pieces Not in a giving mood: Philanthropy is being considered as an antidote to Trump’s dismantling of the U.S. Agency for International Development, but it, too, may find itself under attack by the president, who has long viewed foundations and nonprofits he deems to be progressive with disdain. Late last week, reports surfaced that Trump may soon issue executive orders to strip the 501(c)(3) tax-exempt status of U.S. philanthropic foundations and nonprofits involved in climate change efforts, and possibly programs that support racial justice and immigration. The broadside could also hit foundations that give to organizations abroad. It would be a significant financial blow. The status exempts nonprofits and philanthropies from paying some taxes and allows donors to claim a tax deduction on their contributions. It would also mark a sharp U-turn from the days when Republicans such as Vice President JD Vance warned against government targeting organizations for their political beliefs. The Council on Foundations, a nonprofit membership association that supports philanthropy, seemed to sense what was coming and is pushing back. It issued a “Public Statement From Philanthropy” signed by over 350 charitable giving organizations to “protect our freedom to express ourselves.” While it doesn’t directly address Trump by name, the message is clear: “We know there is a high chance that philanthropy — in some shape or form — will end up being attacked by the current administration or Congress,” the council told Devex by email. “Our strategy is to use the sign on as an organizing and activation tool to join forces now, instead of waiting around for the attack to come. By signing the statement, foundations have signaled a readiness to engage and work together.” Signatories of the effort — launched in partnership with the MacArthur, McKnight, and Freedom Together foundations — include the Ford, Mott, and Kresge foundations. Solemn protest: Last week, Charles King, head of the New York-based nonprofit Housing Works, received a desperate text from an AIDS activist in Nigeria. “My medications will run out on April 28th," the activist wrote. "Can you please find treatment in the United States that you can send to me?” King recounted the message last Thursday while standing before the State Department headquarters, a few blocks away from the White House. He was flanked by 200 cardboard coffins — each symbolizing 100,000 lives once supported by the President’s Emergency Plan for AIDS Relief, or PEPFAR. Dozens of activists had carried the coffins, one by one, to the department's Harry S. Truman Building. And as they stacked them 10 layers high, they were matched by a trio of drummers playing a funeral march nearby. “We’ve brought the dead to [Secretary of State Marco Rubio’s] door,” said Asia Russell of Health GAP, an advocacy group that helped coordinate the demonstration. PEPFAR has saved over 26 million lives since its launch in 2003, providing antiretroviral treatment to more than 20 million people globally. But after the Trump administration imposed a freeze on foreign aid in January, funding stalled, clinics closed, and lifesaving medications vanished. The latest plan from the Trump administration dropped the government's PEPFAR spending by 55% — and since this January alone, it's estimated that over 40,000 people have already died due to the halt in care. Small but mighty: Proponents of foreign aid are trying to speak the same language as proponents of “America First,” and perhaps no one has better command of the vernacular than small American businesses. Now, those businesses are coalescing to advocate for the international assistance that also economically benefits them. The Small Business Association for International Companies, a trade group representing more than 150 U.S. small businesses engaged in humanitarian and development assistance — and a plaintiff in USAID litigation against Trump — has launched a campaign called American Businesses for International Assistance. The goal? Build bipartisan (i.e., Republican) support for American businesses working for American interests abroad, according to a press release announcing the coalition. Efforts will focus primarily on lawmakers on the House Small Business Committee — an overlooked group, it says, in the international assistance conversation historically led by larger NGOs. “More than 99 percent of all US businesses are small businesses,” spokesperson Alex Sommer said in the release. “To truly put America first, international assistance must be built around American small businesses. We can strengthen our national security while creating jobs right here at home. This campaign will ensure that lawmakers and their constituents hear directly from the small businesses who are the backbone of American leadership.” Standing the test of TIME: The list of 100 most influential people, compiled annually by TIME magazine, is a who’s who of celebrities and politicians. But occasionally, a development figure sneaks in. The 2025 list includes CGIAR Executive Managing Director Ismahane Elouafi for her work in agricultural innovation, championing underutilized crops and non-freshwater use, and advocating for women in science. “It is an incredible honor to receive this recognition. It belongs to the dedicated scientists at CGIAR, our partners and funders who support us, and the millions of smallholder farmers guiding our work towards global food security,” she said in a LinkedIn post. Tedros Adhanom Ghebreyesus, director-general of the World Health Organization, was also singled out. He responded on X by posting: “The #TIME100 includes me this year, but I think of it as recognition of my colleagues at @WHO, who work day in, day out, in cities, villages and places of conflict, in pursuit of our goal of promoting #HealthForAll.” Censorship vs. disinformation: The State Department’s Counter Foreign Information Manipulation and Interference office has been a thorn in the side of Republicans for years. Democratic supporters of the office, formerly known as the Global Engagement Center, or GEC, say it has helped debunk disinformation campaigns from Russia and China. Republican opponents say it’s a tool to silence conservative voices. The Republican side, for now, has won. “Under the previous administration, this office, which cost taxpayers more than $50 million per year, spent millions of dollars to actively silence and censor the voices of Americans they were supposed to be serving,” U.S. Secretary of State Marco Rubio said, announcing the closure of the office. “This is antithetical to the very principles we should be upholding and inconceivable it was taking place in America.” U.S. Rep. Brian Mast, the Republican chairman of the House Foreign Affairs Committee, was more blunt: “The GEC was an un-American assault on free speech and a chilling warning about what can happen when far-left ideology takes root in the very institution charged with promoting our values abroad,” he said. “Congress will codify permanent First Amendment safeguards into law to ensure the State Department will never again be able to censor Americans.” In memoriam Barry Segal, founder of Segal Philanthropies, has died at the age of 90. “Barry lived a purposeful 90 years, building Bradco Supply and then dedicating himself to several major philanthropic endeavors,” a tribute by his foundation stated on LinkedIn. “Segal Family Foundation is now one of the most impactful American funders in Africa — second only to the Gates Foundation by number of grants — and was honored with Catalyst 2030’s Overall Best Donor award in 2023. “Barry lived his life very much on his own terms, still going into the Segal Philanthropies offices daily at the age of 90,” the tribute added. “It was his wish that more wealthy individuals would share their fortunes and invest in making life better for others. His hope was that this work would continue long after he was gone. It will.” Up next Mastercard Global Inclusive Growth Summit. On Thursday, the Mastercard Center for Inclusive Growth — together with Devex — will host the 2025 Global Inclusive Growth Summit in Washington, D.C. The invite-only gathering brings together leaders across sectors to explore solutions for the next wave of economic transformation. On the agenda: Africa’s financial revolution, cybersecurity for small businesses, artificial intelligence governance, the creator economy, and the future of public-private partnerships. Stay tuned for coverage and key takeaways from the conversations shaping where global growth goes next. April 24. Jobs of the week Your Pro membership includes access to the world’s largest global development job board. Here are some of the high-level opportunities currently available: • Spokesperson, NATO. • Director, Corporate Programs of the Chief Economist/Vice President for Economic Governance and Knowledge Management, African Development Bank. • Regional Director, Africa, Feed the Children. • Senior Director, Monitoring, Evaluation, Accountability, and Learning, Feed the Children. Or search for more opportunities now.