The Development Committee, a joint ministerial committee of the Boards of Governors of the World Bank and the International Monetary Fund (IMF), met on 21 October 2007 in Washington DC, US, during the Annual Meetings of the World Bank and IMF.

Among the issues highlighted by the Committee were the “need to sharpen the focus of poverty reduction strategies on stronger, shared, private sector-led growth, to link these strategies better to budgetary frameworks, and to implement them effectively.” They also emphasized the importance of relying on country-based models and strong country ownership for improving aid effectiveness and harmonization, and called on donors to meet their respective commitments to scale up aid for development, improve aid predictability and address financing gaps for meeting the Millennium Development Goals (MDGs).
Regarding clean energy and climate change, the Committee asked the World Bank to increase its support for access to modern, cost-effective, clean energy, especially among the poorest and in Sub-Saharan Africa, and to develop a strategic framework for Bank Group engagement in climate change, including support for developing countries’ efforts to adapt to climate change and to achieve low-carbon growth while reducing poverty. World Bank President Robert Zoellick also told the Development Committee that “We need a 21st century ‘green revolution’ designed for the special and diverse needs of Africa,” and promoted initiatives to boost Africa’s agriculture sector by investing in land management, strengthening local markets and encouraging private investments in the sector.
Links to further information
IMF/World Bank Development Committee Communiqué, 21 October 2007
World Bank Clean Energy for Development Investment Framework Report, 28 September 2007
JapanToday.com News Story, 22 October 2007