The World Bank’s new president, Ajay Banga, says he hopes to squeeze up to $125 billion in additional lending out of the bank’s existing balance sheet over the next 10 years, but warned it will not be nearly enough to address the world’s problems.
Speaking during an event at the Council on Foreign Relations last week, Banga said the bank had made significant progress on updating its so-called capital adequacy framework, which aims to allow the bank to lend more using its current financial resources.
Last week the bank also released an updated “evolution roadmap,” which included additional “balance sheet optimizing measures” alongside a host of other reforms, including Banga’s new mission statement for the institution “to create a world free of poverty on a livable planet.”
About the author
Sophie Edwards
Sophie Edwards is a Devex Contributing Reporter covering global education, water and sanitation, and innovative financing, along with other topics. She has previously worked for NGOs, and the World Bank, and spent a number of years as a journalist for a regional newspaper in the U.K. She has a master's degree from the Institute of Development Studies and a bachelor's from Cambridge University.
