When one thinks of the digital age in Mongolia, it may be taken with a bit of a surprise given that we come from a nomadic background and are still considered a frontier market. Currently, the GDP of Mongolia stands at a little over 10 billion dollars. To put this in perspective, over the past few years tech companies such as Uber, WhatsApp, Dropbox and Palantir have all received valuations of more than 10 billion dollars each. With this in mind, if just one Mongolian child can create a startup company that ultimately succeeds, he or she might just be able to double the GDP of the entire country.
The "New Development Bank" announced in Fortaleza this week marks the launch of a collective lending platform steered exclusively by the BRICS countries. With an authorized capital of $100 billion, it could lend up to $34 billion per year. It is not an understatement to say that this is a new kind of bank for a new world order. For the first time in history, infrastructure spending consistently exceeds military expenditure.
The World Bank has not yet addressed climate issues systematically. Most notably, its Safeguard Policy framework does not require climate change risk assessments for Bank projects. This gap in policy has allowed the World Bank to continue financing projects with serious implications for our climate and to essentially ignore the issue completely.
The ultimate task for our generation is to make women and men equal partners in building peace, security and prosperity. This is a question not just of individual rights but also of international security. After all, history shows that a society can only reach its potential when women are allowed to reach theirs.