World Bank President Ajay Banga looks on after his visit to Vidya Samiksha Kendra at Gandhinagar, India, July 16, 2023. REUTERS/Amit Dave/
World Bank President Ajay Banga has revealed innovative plans to boost the bank’s balance sheet and aid countries in addressing climate change and other global challenges. However, he also acknowledged that a capital increase will eventually be necessary.
Banga, a former CEO of Mastercard who assumed the role of World Bank president on June 2, announced the proposals during a meeting of finance officials from the Group of 20 major economies in Gandhinagar, India. The plans aim to make the bank’s balance sheet more efficient and impactful.
These new measures supplement initial steps approved in April that will increase World Bank lending by up to $50 billion over the next decade.
The United States, the largest shareholder of the bank, initiated the push for reforms in October and later nominated Banga to lead the institution with a specific mandate of accelerating its evolution.
READ: World Bank seeks grants, new capital to fight global crises
U.S. Treasury Secretary Janet Yellen has urged further reforms of the World Bank and other multilateral development banks, emphasizing the need to enhance their capacity to address climate change and other challenges before considering capital increases.
READ: World Bank could lend $50B more over decade with reform, says Yellen
“We are making rapid progress,” Banga stated in his prepared remarks. “We are building a better bank, but eventually we will require a larger bank.”
The proposed plans have the potential to generate
Denial of responsibility! VigourTimes is an automatic aggregator of Global media. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, and all materials to their authors. For any complaint, please reach us at – [email protected]. We will take necessary action within 24 hours.
Denial of responsibility! Vigour Times is an automatic aggregator of Global media. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, and all materials to their authors. For any complaint, please reach us at – [email protected]. We will take necessary action within 24 hours.
