India is likely to propose forming an expert G20 group to look into reforms at the World Bank and to increase lending capacity of the institution for climate financing in middle and low income countries, three sources told Reuters.
"Democratisation of World Bank has been a long term line pursued by India and other countries. Differential financing terms for least developed and developing countries is desirable," a second source said.
Sitharaman told Malpass on Wednesday that climate finance was a focus area during India's G20 presidency and multilateral development banks "can play a major role in incentivising private capital, de-risking instruments, and providing greater concessional finance".for consensus on reforming multilateral development banks to vastly expand their lending to tackle pressing global challenges such as climate change and conflict.
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