Human Capital Project: Investing in People Today, for a Better Recovery & Future

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Going forward, global cooperation is needed to ensure that countries have the fiscal space and ability to protect their human capital from being eroded. People with access to quality education, health services, and safety nets are better able to escape poverty, be more productive, and are more resilient to shocks caused by climate change, health emergencies, or economic crises.

Along these lines, the role of disruptive and transformative technology to reimagine service delivery has become critical. President David Malpass noted in a recent keynote speech that “[t]he digital revolution can transform the public sector,” and in forthcoming work, the HCP will be promoting three categories of technology investments: “foundational”, “functional” and “frontier”. Together, these investments can lead countries towards integrated, efficient, and novel ways to reach people and improve their lives.

In the face of today’s massive challenges, the World Bank Group is more committed than ever to helping countries invest optimally in their people and build back better to ensure green, resilient and inclusive development. Since the start of the pandemic, the Bank has provided over $157 billion—its largest funding surge ever—in assistance to countries to fight the health, economic, and social impacts of the pandemic. It is extremely timely that human capital has been incorporated as a special theme for the 20th replenishment of the World Bank’s International Development Association (IDA)—its fund for the poorest countries.