2023-10-12 05:51:06
Ajay Banga, the new president of the World Bank, said that the institution must be faster, more efficient and, over time, bigger to help finance some of the trillions of dollars the world needs to develop and remain relevant for decades to come.
Changes at the world’s largest anti-poverty lender will increase their lending capacity by about US$150 billion over the next decade, Banga said this Wednesday in Marrakech, Morocco, during the annual meetings of the bank and the International Monetary Fund.
Adjustments in sectors such as loan guarantees and hybrid capital can increase lending capacity by 15% to 20% and multiply resources by six to eight times, but they will remain insufficient to meet global needs.
Banga noted that once changes are made to maximize the use of the lender’s existing resources – a plan prompted by the Group of 20 review of the so-called multilateral development banks’ capital adequacy framework published last year – it will finally will push to get more capital for the bank.
“I will certainly go back to our shareholders to ask for a bigger bank,” Banga said. “I think it’s what the world needs for the next few decades.”
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