Deputy Secretary-General Urges World Bank to Create Youth Investment Fund

Commonwealth Deputy Secretary-General Florence Mugasha has urged the World Bank to consider setting up a Global Youth Investment Fund that is specifically geared to alleviating poverty and its consequences.

She made the call during a pre-launch of the World Bank’s 2007 World Development Report (WDR), titled ‘Development and the Next Generation’, held at the Commonwealth Secretariat in London, UK, on 11 September 2006.

During her address to representatives of high commissions, non-governmental organisations and the media, Mrs Mugasha also called on governments and development partners to move away from a welfare approach and adopt a youth development focus.

“Youth development is an investment,” said Mrs Mugasha. “We would like to see governments invest more resources in young people. This is essential to enhance the quality and sustainability of their role in national development.”

Mrs Mugasha noted that the Secretariat’s advocacy work was a significant catalyst for the World Bank’s decision to dedicate its 2007 Report to the issues and challenges facing young people.

Mobafa Baker, chairperson of the Pan-Commonwealth Youth Caucus, expressed hope that the report would spur nations into action. “It’s time to walk the talk and move rhetoric into action. There is a lot of young human capital around the world that needs to be tapped. Hence, the need of the hour is ‘ready, set, go’ programmes.”

Lauding the partnership between the World Bank and the Commonwealth Youth Programme, the Bank’s lead economist Mamta Murthi said such feedback from young people was heartwarming.

“Young people seem to be ready to take on the challenges of the future. One can gauge their energy and the sense of impatience. They want to see the swift introduction of programmes and policies that will improve the quality of their lives,” stated Ms Murthi.

WDR 2007 will be made public at the IMF/World Bank talks in Singapore on 16 September 2006. Details on the document can be found at www.worldbank.org/wdr.

CNIS - Commonwealth News and Information Service, Issue 302, 13 September 2006

Secretariat Links:

• Commonwealth Youth Programme

Related Websites:

• World Bank