Professor Lawrence Summers, President Emeritus, Harvard University and N K Singh, former Chairperson of the 15th Finance Commission of India, are co-convenors of the G20 Expert Group.

The panel would work on making a road map for an updated MDB ecosystem for the 21st century, touching upon all aspects of MDB evolution, and mechanisms for coordination among these banks to address and finance global development.

The first meeting of the expert group was held in virtual mode on Monday, and the group is expected to get together during the spring meeting of the Fund-Bank in Washington DC mid-April.

One of the critical areas that will be looked at is how can the World Bank contribute towards climate finance, critical for developing and LDCs to make a smooth transition to lower carbon emissions without compromising on growth.

The World Bank traditionally has focused around elimination of poverty across countries and work towards shared prosperity. “Garnering resources for climate finance would be a key area,” said an official who did not wish to be named.

The setting up of this new expert group also coincides with the nomination of Ajay S Banga to be the new World Bank President by US President Joe Biden. The expert group will submit its report to the Indian Presidency of G20 before June 30, 2023, the ministry said.

With PTI.