The World Bank President, Jim Kim says it will be impossible to end extreme poverty in the world by 2030 if the private sector is not fully engaged.
According to him, considering the scarce nature of public resources, it is important for the private sector to be brought on board to help fund many poverty alleviation projects.
Mr. Kim disclosed this during the 6th annual Shared Value Leadership Summit held on May 10 – 11 in New York in the United States.
The United Nations (UN) General Assembly on September 10, 2014, targeted to “eradicate extreme poverty for all people everywhere, currently measured as people living on less than $1.25 a day” by 2030.
However, sharing on his LinkedIn wall, Mr. Kim said: “Last year, the global poverty rate was projected to fall below 10 percent for the first time. But extreme poverty cannot be eradicated by 2030 without more fully engaging the private sector,” he said.
To make out for the scarce resources, the World Bank boss said, “The public and private sector need to work together to implement development solutions at scale.”