Published by Global Banking and Finance Review
Posted on February 18, 2025
By Andrea Shalal
WASHINGTON (Reuters) - The World Bank said on Tuesday it will restructure its global operations by shifting its regional management teams from Washington to hub offices around the world, a move aimed at helping the bank respond better and more quickly to local needs.
"This latest step in our decentralization marks a significant milestone: for the first time, two-thirds of World Bank Group operations staff will be based in the regions they serve - a testament to our ongoing efforts over the past few years," the bank said in an email to staff on Tuesday.
Anna Bjerde, the World Bank's managing director of operations, said the changes were part of an ongoing push to improve the bank's operations, simplify access for clients, and put senior managers close to the countries they served.
It will affect 11 regional vice presidents at the bank's International Bank for Reconstruction and Development lending arm, its International Development Association that serves the poorest countries and the International Financing Corporation, as well as regional directors.
Members of the bank's executive board were broadly supportive when briefed about the plan in recent weeks, two sources familiar with the plans said.
The initiative has been driven by World Bank President Ajay Banga since he arrived at the bank in June 2023, and is not related to recent moves by the Trump administration to cancel U.S. foreign aid and withdraw the United States from international institutions, the sources said.
Plans for the hubs are still being finalized, the bank said, factoring in flight options, proximity to clients and quality of life for staff. Dubai, Singapore and Nairobi were likely options, the sources said.
First moves could come as early as May, with the changes to be fully implemented over the next two years, a source familiar with the plans said. The Latin America and Caribbean team will remain in Washington, the bank said.
(Reporting by Andrea Shalal; Editing by Christopher Cushing)
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