World Bank President Ajay Banga has vowed to accelerate the pace of project approvals, emphasising his commitment to speed and efficiency in addressing the needs of the Pacific region.
Speaking to Pacific leaders in Suva, Banga outlined his vision to reduce the time it takes for World Bank-funded projects to move from discussion to approval.
“I’m determined that the World Bank will be faster.
“Speed and efficiency are a big priority. I’ve seen examples where things have changed, and others where they haven’t. We’re working to bring the average project approval time down from 19 months to 12 months. We’re currently at 16, but some projects have already hit the 12-month mark,” Banga explained.
Banga highlighted the World Bank’s recent efforts, including a US$2.5 billion renewable energy project for East Asia and the Pacific, with US$260 million earmarked for the Pacific.
“We’re beginning to move in the right direction. Nineteen months is too long—12 would be nice, even lower would be excellent,” he added, stressing the need for both the World Bank and its partners to adapt.
Banga also pointed out that streamlining larger projects could expedite processes.
“If we do smaller projects, it takes longer. Larger projects allow for quicker focus because the resource demand is clearer.”
Highlighted his commitment to the Pacific, Banga said, “The World Bank is in your countries because you want us there—it’s not our right, we are there to serve you. So tell me what I can do to be more helpful.”
Banga acknowledged that his visit marked the first time in 50 years that a World Bank President has engaged directly with Pacific leaders, and he expressed interest in attending a Pacific Islands Forum meeting.
“That should change the tone of interactions between global institutions and this very important part of our work—the Pacific Islands,” he said.
On the Pacific Resilience Facility (PRF), Banga pledged full support, including technical assistance and co-investment opportunities.
“The PRF will be able to provide some concessional funding alongside the International Development Association (IDA), and we can multiply that many times over,” he explained.
He said the World Bank aims to be a reliable and responsive partner for the Pacific, with a renewed focus on efficiency, youth, and private sector involvement. “Let’s see how we can raise the bar to make the World Bank even more helpful to your needs,” Banga said.