US Treasury Secretary Janet Yellen rejected the idea of a near-term capital increase for the World Bank and said she expected U.S. nominee Ajay Banga to win an election as the bank's next leader, with no challengers emerging as the nomination period closed
Yellen told U.S. lawmakers that she wants World Bank reforms to vastly expand lending to fight climate change and other global crises, largely by stretching the bank's existing resources, adopting innovative financing policies and mobilizing private finance.
A capital increase was among proposals the World Bank made in January. It would not be possible without the support of the United States, the World Bank's dominant shareholder. "We are not requesting a capital increase," Yellen said during a budget hearing of the U.S. House of Representatives Appropriations Subcommittee on State, Foreign Operations, and Related Programs. "We do want to see better mobilization of private resources alongside World Bank investments as well, but we're not requesting a capital increase at this time.
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