World Bank Increases Loans to Lower Secondary Countries

INDUSTRY.co.id - Washington - World Bank Group President Jim Yong Kim said on Thursday (19/04/2018) that the multilateral lender will increase lending to middle-income countries down from time to time.
 
Kim made the remarks in response to questions about a 13 billion dollar capital improvement plan for the World Bank and its lending practices to be discussed during the International Monetary Fund and the World Bank's spring meeting this weekend.

Around 7.5 billion US dollars of capital increase will be provided to the International Bank for Reconstruction and Development (IBRD), the group's main lending unit, and $ 5.5 billion will be awarded to the International Finance Corporation (IFC), a lending unit for the private sector of the group, according to local media reports.

While many of the Bank's board of governors want to focus on lending to lower-middle-income countries, the capital-raising plan does not target loan changes to certain countries, Kim said at a news conference.

"Nothing in the agreement we put together and dedicate to the governors who commented on a single state loan," he said.

"It's about how we think about income levels and how the World Bank Group can continue to be a partner and support all our member countries," he argues.

Kim said the increase in capital for IFC meant that the lender's unit would be able to do more in middle-income and higher-income countries as well.

"So just to clarify about this, there is nothing in the agreement that targets a particular country," he said. (Ant)