World Bank Group Shareholders Endorse Capital Gain Hike Of $13 Billion

| April 22 , 2018 , 17:05 IST

The shareholders of the World Bank Group on Saturday endorsed a capital gain hike of 13 billion dollars with which the Group aims to scale up resources and deliver on its mission in areas of the world that need the most assistance.

This package was endorsed by the ‘Development Committee of the Board of Governors’ and consists of 7.5 billion dollars paid-in capital for International Bank for Reconstruction and Development (IBRD) and $5.5 billion paid-in capital for International Finance Commission (IFC) through both general and selective capital increases, as well as a $52.6 billion callable capital increase for IBRD.

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Hailing the agreement, World Bank Group President Jim Yong Kim said, “Through the historic agreement endorsed today, our shareholders have clearly demonstrated a renewed confidence in global cooperation, and we greatly appreciate this strong support from our member countries,”  

“This boost in capital was essential for us to advance our efforts to mobilize additional finance for development to meet the aspirations of the people we serve,” he further added.

The package is part of the Group’s commitment to assist all client countries in addressing global challenges while deploying scaled-up assistance to areas that most need financing.

“The capital package has been developed against the backdrop of a changing and increasingly complex development landscape. Despite impressive gains in recent decades, development progress remains uneven. Keeping up the pace of past progress and addressing emerging challenges will require a sustained effort in the face of persistent global headwinds and structural changes to the global economy,” reads a press release from the development committee.