World Bank chief calls for more equitable growth worldwide

World Bank Group President Jim Yong Kim on Wednesday called for more justifiable economic growth globally, and pointed to the Ebola crisis as a failure to share knowledge and infrastructure equitably with countries in Africa.

Speaking at Howard University in Washington DC days before the World Bank/IMF Annual Meetings, Kim underlined the World Bank's twin goals of ending extreme poverty by 2030 and boosting shared prosperity among the poorest 40 percent in developing countries. He noted the second goal means in the fight against inequality, and how to make progress in achieving it.

"We are working to ensure that the growth of the global economy will improve the lives of all members of society, not only a fortunate few," said Kim.

"To accomplish this, the World Bank Group aims to achieve specific income-related and social goals: We want to raise the earnings of the lowest 40 percent of income earners in developing countries and improve their access to life's essentials, including food, health care, education and jobs."

Citing a report from Oxfam International, a global poverty reduction confederation, showing that the world's richest 85 people have as much combined wealth as the poorest 3.6 billion, Kim said that boosting shared prosperity is also important to the pursuit of justice.

Kim noted that inequality in societies is a greater issue than income, and cited the Ebola crisis as a failure to share knowledge and infrastructure equitably with countries in Africa.

"The knowledge and infrastructure to treat the sick and contain the virus exists in high- and middle- income counties. However, over many years, we have failed to make both accessible to low income people in Guinea, Liberia and Sierra Leone," the three countries hardest stricken by Eloba, he said.

"So now, thousands of people in these countries are dying because, in the lottery of birth, they were born in the wrong place," said Kim, a doctor trained in treatment of infectious diseases.

The Washington-based lender has provided 400 million U.S. dollars of aid to the three most affected West African countries to cope with the crisis. The financing will help them address the emergence and build stronger health systems for years ahead.

The current outbreak of the disease has killed more than 3,300 people in West Africa so far this year, according to the World Health Organization.

This year's World Bank/IMF Annual Meetings will be held during Oct. 10-12.