NEW YORK, Sept 27 — World Bank Group President Ajay Banga yesterday said proposed new contributions from wealthy countries combined with balance sheet changes could boost the...
NEW YORK, Sept 27 — World Bank Group President Ajay Banga yesterday said proposed new contributions from wealthy countries combined with balance sheet changes could boost the bank’s lending capacity by US$100 billion to US$125 billion over a decade.
“I believe that if all this goes through, including the US, we could raise somewhere between US$100 billion and US$125 billion of extra lending capacity in the bank, which is pretty good. Not enough, but good,” Banga said. “I think the twin goals have to change to being the elimination of poverty. But on a livable planet,” he said, adding that he expects support from all shareholders.
The former MasterCard CEO, who took over the World Bank’s top job in June, has said he wants to build a “better bank” — increasing its urgency, focusing it on high-impact, replicable projects and expanding beyond its anti-poverty mission — before seeking a general capital increase from shareholders.
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