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WASHINGTON, Sept 5 - U.S. President Joe Biden will focus on reforming the World Bank and urging other multilateral development banks to boost lending for climate change and infrastructure projects during the G20 leaders summit in India, the White House said on Tuesday.
The Biden administration is pushing the World Bank, founded as World War Two drew to a close to alleviate poverty, as a counterpart to China's overseas lending. New CEO Ajay Banga has pushed to expand climate change and hunger programs, and boost the bank's lending power with new funding and balance sheet rules.
U.S. President Joe Biden speaks during his tour of Hurricane Idalia storm destruction, in Live Oak, Florida, U.S., September 2, 2023. REUTERS/Evelyn Hockstein Acquire Licensing Rights "We know that these institutions are some of the most effective tools that we have for mobilizing transparent, high quality investment into developing countries," Sullivan said Tuesday.
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