ESSAY ON ALLEVIATING EXTREME POVERTY AND THE ROLE OF WORLD BANK
Introduction
Extreme poverty remains a big challenge to the growth of any economy. As a Kenyan, I am saddened by the fact that today we still have approximately 42% of our people living below the poverty line, yet the rich continue to become richer.
Poverty in Kenya is especially evident in the rural setup of the country where you cannot help but notice poor infrastructure and fewer job opportunities. As a result, many people from these areas continue to migrate to the urban areas in search for a better life and opportunities.
While the rural urban migration may seem as the logical choice for many people, it has come with numerous disastrous effects to our economy such as
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In order to have financial markets work better for the poor, combined efforts are needed between the government and private players.
The World Bank through its role can promote development in technology and financial products to help banks reach more people in the rural areas. They can do this by building the capacity of banks and MFIs which will enable them to become strong allowing them to extend their reach and services to all people including the poor.
2. Develop Rural Infrastructure
Better infrastructure refers to improvements in roads, energy, irrigation, water supply etc. Development of rural infrastructure effectively reduces rural poverty, as access to services become easily available and job opportunities are created. Furthermore, a town with good roads and access will attract private investors to develop the place. Consequently, factories, schools, manufacturing plants, housing, churches and other institutions would be set up and there would be an increase in
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Fight Corruption
Corruption is a disease in many African countries including Kenya. It is an area that is responsible for diverting funds from the poor to the rich.
The World Bank through its role can fight corruption by working strictly with governments and institutions that are well run. It can also ensure that there is openness in regards to all public resources and promote transparency and accountability.
4. Focus on Health
In this day and age, people in rural areas should not be traveling miles to access a health facility. Furthermore, no citizen should be traveling to another country to receive treatment because of lack of local facilities.
Governments should aim to make health facilities available to all citizens. It should form part of their visions. The World Bank in cooperation with the government and other private investors can invest in health facilities and equipment.
5. Technology
The world is advancing through technology which can be the key to reducing poverty. For example, we are now seeing financial products being sold via mobile platforms. The World Bank can help promote development in technology by increasing capacity to projects whose aim is to improve efficiency.