the president and leaders across the mdb system led. governments, nongovernmental organizations, research institutions, and the private sector became involved, helping shape evolution and then continuing to support it. successive g20 presidencies kept mdb reform high on the agenda. staff across the mdb's brought in and started taking forward the hard work of implementation. we focus the evolution agenda on four key areas in need of change -- mission, incentives, operational models, and financial capacity. and we've seen progress in each. the world bank has a new vision and mission, to create a world free of poverty on a livable planet. and regional development banks have shifted missions as well. there are new incentives, like updated corporate scorecards that focus the banks on outcomes, impact, and mobilizing private capital. world bank projects are moving more quickly to approval, and idb invest has a new originated share model to bring in private-sector investors. we've also drastically increased financial capacity. across the mdb's

we've now discovered if we work with the mdb's, they are this issue and to do high risk and high returnnvesting. the work we've been doing with the private sector investment lab has been a game changer i think in helping the mdb money work with mobilizing and catalyzing private-sector money. jennifer: bill, how do you navigate some of those complications shemara was outlining there? bill: to get the capital available into the right place in a way that can be used to pay today for all of this renewable power that will be in place 20 years from now to replace the coal-fired power plants is enormously complicated. but it's happening. it's happening in many different ways. it's happening with developments in the carbon markets. we are beginning to think about framework to support that kind of activity. it's happening with key initiatives. for example, from the singaporeans. they said we will help in mumbai, the first tranche. relatively small amount of money, but very high symbolic and the crowding in effect. how do we navigate? it is a lot of trial and error, but it can't work without the

the mdb evolution process is a great example. we marshaled allies and brought them together and pushed at the board and pushed with management. our dave long is a terrific president and taken of this charge and has -- rj bong has done a terrific -- is a terrific president and taken charge of this. greg: as you say in your remarks the world has changed in the last 80 years. he was conceived to help the exchange rates, limit international capital flows and he was there to essentially police balance of payments and someone. we get into the 1970's, 1980's, 1990's. a lot of the job was helping countries developing work through debt crises. as recently as 2009 with respect to greece they had that role. is that -- has that changed? are the debt crises of old like the debt crisis of today? do they have to adjust their approach to recognize that fact? undersec. shambaugh: i think they do and i think they are to some extent. one of the biggest differences, the creditors are different. they created a club. it was kind of easy. the imf could

the work we've been doing with the private sector has been a game changer i think in helping the mdbh mobilizing and catalyzing private-sector money. jennifer: howdy navigate some of those? >> to get the capital available into the right place where it can be used to pay today for all of the renewable power and place 20 years from now to replace the coal-fired power plants is enormously complicated. but it's happening in many different ways. with developments in markets that are beginning to think about framework to support that kind of activity, it's happening with key initiatives. for example, in singapore. it will help in mumbai, the first tranche. how do we navigate? a lot of trial and error but it can't work without the public and private sector working closely together. jennifer: i want you to jump in, they are also models similar to what your team are doing with altera, a $30 billion fund trying to do just that. channel funding to where it needs to be. how is that progressing for you and your team? >> i think what's more important is we've got the best and brightest minds in th