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.
