WASHINGTON, Sept 28 (Reuters) – The World Bank’s board will discuss next month a plan to replace the bank’s core “doing business” ratings, which were scrapped in September 2021 after an external report found data breaches, World Bank President David Malpass said.
Malpas said at an event at Stanford University on Wednesday that there are still issues to be determined about how to assess the country’s business climate, but the bank and its various arms, including the International Finance Corporation, are all working to continue encouraging private sector activity.
“The World Bank is heavily involved in efforts to encourage private sector development in countries,” he said.
The World Bank announced in February a new approach dubbed the “Business Enabling Environment” to help countries improve their business environment and attract more investment.
The bank scrapped its annual “Business Conduct” rating a year ago, saying internal audits and external investigations “raised ethical issues, including the conduct of former board members and the conduct of current and/or former employees of the bank.”
The bank’s new chief economist, Endermit Gil, told reporters earlier this month that the bank was listening to stakeholders on how to replace the previous rating system, and declined to predict when the new product would be rolled out.
“We’re going to make it happen, and we’re going to get it right,” he said.
Sign up now for unlimited access to Reuters.com
Report by Andrea Shallal; Edited by Christian Schmollinger and Stephen Coates
Our Standards: The Thomson Reuters Trust Principles.
