World Bank maps out plans to further boost lending by $100 billion-plus over a decade
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2023-09-29 04:56
WASHINGTON The World Bank on Thursday proposed steps that would boost its lending to developing countries by an

WASHINGTON The World Bank on Thursday proposed steps that would boost its lending to developing countries by an additional $100 billion over a decade as part of an ongoing reform process aimed at helping the bank expand its mission to include climate change.

In a 24-page report to the joint ministerial committee that oversees the bank and the International Monetary Fund, the bank's management said it would ask shareholders to approve a hybrid capital measure and a new portfolio guarantee platform that together could boost lending by over $100 billion.

That amount would come on top of measures already being implemented that will boost the bank's lending to developing countries by up to $50 billion.

(Reporting by Andrea Shalal and David Lawder)

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