The US, the bank’s biggest shareholder, kicked off the push for reforms in October, later nominating Banga to succeed former president David Malpass with a specific mandate to accelerate the evolution of the nearly 70-year-old institution. The new steps, still being discussed with shareholder countries, come on top of initial measures approved in April that will boost World Bank lending by up to $50 billion over the next decade. GANDHINAGAR: World Bank President Ajay Banga unveiled new plans on Tuesday to stretch the bank’s balance sheet and help countries tackle climate change and other challenges but said a capital increase would still eventually be needed.īanga, a former Mastercard CEO who took over the helm of the World Bank on June 2, announced the new proposals to “make our balance sheet work harder” during a meeting of finance officials from the G20 economies in Gandhinagar, India.
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