World Bank's Kim says Trump likes lender's private capital plansWASHINGTON (Reuters) - In an era of shrinking government contributions to development financing and “exploding” loan demand in poor countries, World Bank Group president Jim Yong Kim is looking to the private sector for help. And he said U.S. President Donald Trump likes the idea. Kim told Reuters in an interview on Thursday that he is looking to mobilize hundreds of billions of dollars now parked in low-yield government bonds for development finance, earning higher returns for investors. The World Bank would pave the way to reduce risk. “Speaking with President Trump directly, I told him about the need to make this shift, to work more effectively with the private sector. He was very enthusiastic about that,” Kim said.     “I’d love to see President Trump champion this approach to development finance.” The potential new business model is part of Kim’s pitch to promote the multilateral lender’s role as a facilitator in developing new markets - and attract political support and new capital along the way. Trump’s initial budget plan in March floated a $650 million funding cut multilateral development banks over three years. However, it is Congress, not the White House, that ultimately decides spending levels. “What I’m trying to convince everyone of is, if we get this right, we can actually spur global growth, create markets for American products, create opportunities for American companies,” Kim said of his pitch to Congress, the White House and other stakeholders. The new business model would aim to use the World Bank Group’s technical expertise and guarantees to prepare and “de-risk” projects and markets to make them “bankable” for risk-averse investors such as pension funds and insurance companies, Kim said. Work by the lender’s International Finance Corp arm in Zambia last year to set up auctions for private firms to build solar generating plants provides a model for his proposed approach. The bank estimates that some two-thirds of current manual labor jobs in developing countries will be eliminated by automation in future years so Kim said massive investments are needed now to help develop new jobs.   “Our job should be to use our money to prepare the country to bring in lots more money that’s ready to go but is not moving because of the perception of risk or because the projects are not,” Kim said. Kim said he is encouraged by his engagement so far with the Trump administration, including interest from Ivanka Trump in the bank’s work on women’s issues. “We’re interacting with them quite a lot and they’re asking us very specific questions about how we think about solving certain problems,” he said. politicsNews
world bank kim says trump likes lender private capital planswashington reuters in era shrinking government contributions development financing exploding loan demand poor countries world bank group president jim yong kim looking private sector help and said president donald trump likes idea kim told reuters interview thursday looking mobilize hundreds billions dollars parked government bonds development finance earning higher returns investors the world bank would pave way reduce risk speaking president trump directly i told need make shift work effectively private sector he enthusiastic kim said i love see president trump champion approach development the potential new business model part kim pitch promote multilateral lender role facilitator developing new markets attract political support new capital along way trump initial budget plan march floated million funding cut multilateral development banks three years however congress white house ultimately decides spending levels what i trying convince everyone get right actually spur global growth create markets american products create opportunities american companies kim said pitch congress white house stakeholders the new business model would aim use world bank group technical expertise guarantees prepare projects markets make bankable investors pension funds insurance companies kim said work lender international finance corp arm zambia last year set auctions private firms build solar generating plants provides model proposed approach the bank estimates current manual labor jobs developing countries eliminated automation future years kim said massive investments needed help develop new jobs our job use money prepare country bring lots money ready go moving perception risk projects kim said kim said encouraged engagement far trump administration including interest lanka trump bank work women issues we interacting quite lot asking us specific questions think solving certain problems said politicsnews
Your task is to classify the provided input as real or fake news. Label 0 is meant for fake news, Label 1 is for real news. TEXT: World Bank's Kim says Trump likes lender's private capital plansWASHINGTON (Reuters) - In an era of shrinking government contributions to development financing and “exploding” loan demand in poor countries, World Bank Group president Jim Yong Kim is looking to the private sector for help. And he said U.S. President Donald Trump likes the idea. Kim told Reuters in an interview on Thursday that he is looking to mobilize hundreds of billions of dollars now parked in low-yield government bonds for development finance, earning higher returns for investors. The World Bank would pave the way to reduce risk. “Speaking with President Trump directly, I told him about the need to make this shift, to work more effectively with the private sector. He was very enthusiastic about that,” Kim said.     “I’d love to see President Trump champion this approach to development finance.” The potential new business model is part of Kim’s pitch to promote the multilateral lender’s role as a facilitator in developing new markets - and attract political support and new capital along the way. Trump’s initial budget plan in March floated a $650 million funding cut multilateral development banks over three years. However, it is Congress, not the White House, that ultimately decides spending levels. “What I’m trying to convince everyone of is, if we get this right, we can actually spur global growth, create markets for American products, create opportunities for American companies,” Kim said of his pitch to Congress, the White House and other stakeholders. The new business model would aim to use the World Bank Group’s technical expertise and guarantees to prepare and “de-risk” projects and markets to make them “bankable” for risk-averse investors such as pension funds and insurance companies, Kim said. Work by the lender’s International Finance Corp arm in Zambia last year to set up auctions for private firms to build solar generating plants provides a model for his proposed approach. The bank estimates that some two-thirds of current manual labor jobs in developing countries will be eliminated by automation in future years so Kim said massive investments are needed now to help develop new jobs.   “Our job should be to use our money to prepare the country to bring in lots more money that’s ready to go but is not moving because of the perception of risk or because the projects are not,” Kim said. Kim said he is encouraged by his engagement so far with the Trump administration, including interest from Ivanka Trump in the bank’s work on women’s issues. “We’re interacting with them quite a lot and they’re asking us very specific questions about how we think about solving certain problems,” he said. politicsNews
Your task is to classify the provided input as real or fake news. Label 0 is meant for fake news, Label 1 is for real news. TEXT: world bank kim says trump likes lender private capital planswashington reuters in era shrinking government contributions development financing exploding loan demand poor countries world bank group president jim yong kim looking private sector help and said president donald trump likes idea kim told reuters interview thursday looking mobilize hundreds billions dollars parked government bonds development finance earning higher returns investors the world bank would pave way reduce risk speaking president trump directly i told need make shift work effectively private sector he enthusiastic kim said i love see president trump champion approach development the potential new business model part kim pitch promote multilateral lender role facilitator developing new markets attract political support new capital along way trump initial budget plan march floated million funding cut multilateral development banks three years however congress white house ultimately decides spending levels what i trying convince everyone get right actually spur global growth create markets american products create opportunities american companies kim said pitch congress white house stakeholders the new business model would aim use world bank group technical expertise guarantees prepare projects markets make bankable investors pension funds insurance companies kim said work lender international finance corp arm zambia last year set auctions private firms build solar generating plants provides model proposed approach the bank estimates current manual labor jobs developing countries eliminated automation future years kim said massive investments needed help develop new jobs our job use money prepare country bring lots money ready go moving perception risk projects kim said kim said encouraged engagement far trump administration including interest lanka trump bank work women issues we interacting quite lot asking us specific questions think solving certain problems said politicsnews