Germany expects double-digit billion sum in World Bank new loans commitments
Reuters
Published Apr 18, 2024 18:51
WASHINGTON (Reuters) - The World Bank is expected to raise capital of double-digit billion dollars in new loan commitments for developing countries in its spring meeting in Washington, Germany's Development Minister Svenja Schulze told Reuters on Thursday.
Germany will provide 305 million euros of hybrid capital, which will allow the bank to mobilize an additional 2.4 billion euros, the minister said.
"With this, the World Bank can operate more quickly and in a targeted manner," Schulze said on the sidelines of the IMF/World Bank meeting in Washington, adding that several European and other G7 countries would also contribute to the raised capital.
The World Bank's fund for the poorest countries, the International Development Association (IDA), is currently being replenished, she said, calling on countries that traditionally do not contribute to the fund to open their coffers.
"The richer Arab countries in particular, but also China, can still do more," Schulze added.
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Written By: Reuters
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