The World Bank will be able to lend “up to” $50 billion more over the next decade, bank President David Malpass said, as key shareholders push for increased spending to fight poverty and tackle major global challenges such as climate change.
The amount is an increase over a previous figure he gave of $40 billion in extra funding over the same period. People with knowledge of discussions inside the bank tell Devex the final number is a “moving target” until the board issues a decision. That will likely come during the institution’s Spring Meetings in Washington on April 10-16.
“Development needs have increased dramatically and so should development finance,” Malpass said in a speech Thursday during a visit to Niger.