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World Bank increases financing capacity by $70 billion
The World Bank will be able to increase its financing capacity for the development of the poorest countries by $70 billion, after a group of developed countries promised to increase their contribution to this entity.
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Economia Banco Mundial
"The generosity of these countries is both an affirmation of the progress we have made in reforming the Bank and a sign of their shared commitment to global development," said World Bank President Ajay Banga in a press release sent to Lusa today.
The new financial instruments that were created to increase the World Bank's lending capacity, encompassing more risk in its investments that aim to counteract global challenges, "received significant support" from 11 countries, says this entity, referring to the instruments Portfolio Guarantee Platform, the hybrid capital mechanism and the new Fund for a Livable Planet, totaling 11 billion dollars, approximately 10.3 billion euros.
"The World Bank Group's unique leveraging capacity allows resources committed to hybrid capital and the Platform to be multiplied six to eight times over 10 years, and under certain conditions, leverage could reach ten times," the statement reads.
A dozen countries are involved in financing these mechanisms, including Italy, France, the United States and the United Kingdom, as well as Japan, which has pledged to make the first payment.
In addition to the reforms already approved, including the increase in the bilateral guarantee limit to 10 billion dollars (9.3 billion euros) and the adjustment of the loan-to-capital ratio to guarantee 40 billion dollars (37.5 billion euros) over ten years, the World Bank "has taken additional steps to develop 50-year [maturity] loans at no additional cost to borrowers, which can be used for projects that benefit multiple countries".
These commitments were made possible, in part, thanks to the portfolio guarantee platform, created earlier this month by the World Bank, which aims to integrate under a single umbrella all the financing guarantee processes existing in the World Bank Group, including the International Development Association (IDA), the International Finance Corporation (IFC) and the Multilateral Investment Guarantee Agency (MIGA).
This is the World Bank's third major announcement during this week's meetings, following Thursday's announcement on electrification for 250 million people in Africa by the end of the decade, and the goal of extending health support to 1.5 billion people.
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