Saudi Gazette report

RIYADH — Ajay Banga, president of the World Bank, lauded Saudi Arabia for its proactive efforts in empowering women within the labor market.

Banga urged other nations to take inspiration from Saudi Arabia's example, emphasizing the crucial link between realizing aspirations, enhancing the quality of life, and fostering job creation.

Speaking at the seventh edition of the Future Investment Initiative on Tuesday, Banga outlined the World Bank's overarching mission and vision, emphasizing its commitment to addressing climate change, building resilience, engaging with the global community, and prioritizing the youth as the driving force behind future aspirations.

He underscored the pivotal role of collaborative efforts in achieving global economic growth and highlighted the necessity for joint responsibility in addressing challenges related to energy transition and debts.

Banga stressed that the global economy's positive and reassuring status hinges on worldwide collaboration, advocating for shared responsibility in navigating geopolitical challenges and crises across various countries.

As he delved into the economic landscape, Banga pointed out the World Bank's dedication to mitigating risks associated with legislative frameworks. He emphasized that the resolution of these challenges requires local capital from both the private and public sectors.

Highlighting the momentum in renewable energy, Banga revealed a substantial volume amounting to $3 billion, with a clear upward trajectory.

He stressed the indispensable role of the private sector's engagement in reaching a level that propels the global economy forward, collaboratively reducing carbon emissions and actively working towards solutions to counter the increasing emission levels.