The World Bank said the new funds could be leveraged to provide up to $70 billion in new lending capacity. Photo: Mandel NGAN / AFPThe 11 countries -- including the United States, Germany and Japan -- committed the funds to three lending instruments designed to increase capacity and allow the World Bank to take on"more risk for shared global challenges," the bank said in a statement.
By leveraging the resources pledged, the bank should be able to provide up to $70 billion in new lending over a 10-year period. "We worked hard to develop these new financial instruments that boost our lending capacity, multiply donor funds, and ultimately allow us to improve the lives of moreHe added that the new commitments were"both an endorsement of the progress we have made to reform the bank, and a sign of their shared commitment to development globally."
The bank has previously estimated that developing countries will need an average of $2.4 trillion each year between now and 2030 in order to address the"global challenges of climate change, conflict, and pandemics."
Loans Loans Latest News, Loans Loans Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: allafrica - 🏆 1. / 99 Read more »