Sunday, April 22, concluded the 7 day ‘Spring Meeting of the Board of Governors of the International Monetary Fund (IMF) & World Bank (WB)’ in Washington, D.C.
Yesterday’s WB conference ended with endorsement by WB shareholders of $13 billion USD (NOK 100B) paid-in capital increase; the last capital funding increase was seen in year 2010.
Norway’s Foreign Affairs Ministry’s minister of international development Nikolai Astrup (H), commented upon WB’s historic measures; “The World Bank’s work and investments are crucial for the world to achieve sustainability goals.’ –
‘That the World Bank and its donors now agree on a capital increase of a total of $13 billion U.S. dollars better equips the bank for its work.’ –
‘Due to its weight, knowledge and ability to mobilize large capital flows, the World Bank is in a special position to act. This is the reason why 9% of our assistance in 2017 went through the World Bank,” stated minister Astrup.
Norway’s Ministry of Foreign Affairs totals Norway’s contribution to the WB capital increase @ an est. 5 year outlay of NOK 790m: 2020 to 2025.
World Bank President Jim Yong Kim spoke with reporters Saturday, saying; “We’ve more than doubled the capacity of the World Bank Group. It’s a huge vote of confidence, but expectations are enormous.” The bank itself refers to the capital increase as “historical” & “a declaration of trust in the World Bank”.
Yesterday, Russian news agency TASS post Russia’s Deputy Minister Sergei Storchak’s informal comments to WB’s meeting attendees of Russia’s plan to decline further WB funding, nor participate in capital increases or proposals.
The World Bank offers capital loans to developing countries & emerging economies with reasonable, long-term payments while also providing select grants to the poorest of countries.
The World Bank was created 1944 @ Bretton Woods Conference, Bretton Woods, New Hampshire, USA.
© NTB scanpix / #Norway Today