World Bank: M’sia is important knowledge partner

Stephanie Sta Maria

The World Bank has commended Malaysia for being a compatible partner in the pursuit of its knowledge agenda by being a strong source of information and ideas.

The international financial institution’s managing director, Mahmoud Mohieldin, today earmarked Malaysia as a prime knowledge contributor particularly in the areas of urban development, financial inclusion and Islamic financing.

“Today we no longer get knowledge only from the Western hemisphere as the sources of knowledge are originating from the south including from Malaysia,” he stated during a talk entitled “World Bank Knowledge Agenda” at Universiti Malaya.

“Even African countries like Kenya are teaching others to harness mobile phone technology for financial inclusion and money transfers.”

“So a country that may not be doing well in its own aspect of development can still have something of value in a particular area to share with others.”

Malaysia however doesn’t fall in this category by virtue of its vision to become a high income economy by 2020. According to Mohieldin, a high income economy equates a knowledge intensive one.

The former Egyptian Minister of Investment pointed out Malaysia’s crucial position in the global network due to its vast experience and generation of knowledge

He also made special reference to Malaysia’s Economic Monitor on Smart Cities which he noted was in line with its high income agenda.

“Such an agenda requires innovative cities that produce, attract and retain talent,” he said. “This is a key role for universities and other knowledge generating institutions. And students, the drivers of a knowledge economy, will be kept very busy with this agenda.”

Knowledge ecosystem

Mohieldin shared that among the World Bank’s missions is to harness urban growth for better development outcomes by providing the necessary network and knowledge to accomplish economic and sustainable urban growth, social inclusion and accountable systems for local governance.

To achieve this the World Bank has devised a “knowledge ecosystem” that encourages a multi-disciplinary approach among various experts rather than the common silo approach taken by economists.

“Among the initiatives will be convening an action network of city officials, academics and practitioners that will take specific actions around the urbanisation agenda,” Mohieldin explained.

“This will better enable us to foster the formulation, circulation and implementation of new urban policies, strategies, solutions and plans in cities.”

Mohieldin added that Malaysia being among the countries that don’t require the World Bank’s assistance is a good indicator that the institution has a future beyond its lending capabilities.

“Important knowledge is being shared between Malaysia and the World Bank,” he reiterated. “We are happy that Malaysian financial institutions like the Securities Commission and Bank Negara have something to offer others and we will definitely be collaborating a lot more with Malaysia in the future.”

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