1st LD: World Bank shareholders endorse capital increase plan
Xinhua,April 22, 2018 Adjust font size:
WASHINGTON, April 21 (Xinhua) -- The World Bank said on Saturday that its shareholders endorsed a capital increase package, a series of internal reforms, and a set of policy measures to strengthen the international lender's capabilities.
The 13-billion-U.S. dollar capital increase package includes 7.5 billion dollars of paid-in capital for the International Bank for Reconstruction and Development (IBRD), the group's primary lending arm, and 5.5 billion dollars for the International Finance Corporation (IFC), the group's private sector lending arm, said the World Bank in a statement.
World Bank shareholders also endorsed a 52.6 billion-dollar callable capital increase for IBRD.
"Through the historic agreement endorsed today, our shareholders have clearly demonstrated a renewed confidence in global cooperation," World Bank Group President Jim Yong Kim said.
"This capital package allows for greater responsiveness to risks to global stability and security, particularly in poorer countries and fragile states," Kim added. Enditem