World Bank to raise lending capacity

Cornelia Mascio
Aprile 22, 2018

The World Bank Group's shareholders have backed the decision to increase paid-in capital by $13 bln, the World Bank said in a statement on its website.

This package was endorsed by the "Development Committee of the Board of Governors" and consists of 7.5 billion dollars paid-in capital for International Bank for Reconstruction and Development (IBRD) and $5.5 billion paid-in capital for International Finance Commission (IFC) through both general and selective capital increases, as well as a $52.6 billion callable capital increase for IBRD.

It also includes a United States dollars 52.6 billion callable capital increase for the IBRD.

"This boost in capital was essential for us to advance our efforts to mobilize additional finance for development to meet the aspirations of the people we serve", he further added.

Efforts to raise the bank's lending capacity were blocked past year by the United States.

"Through the historic agreement endorsed today, our shareholders have clearly demonstrated a renewed confidence in global cooperation, and we greatly appreciate this strong support from our member countries", World Bank Group President Jim Yong Kim said as quoted by the statement.

The committee also agreed to prioritize lending to poorer countries.

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