U.S. Treasury Secretary Janet Yellen said on Tuesday the World Bank had made progress in reforming its operations to better address climate change and other ...
BEN GUERIR, Morocco - U.S. Treasury Secretary Janet Yellen said on Tuesday the World Bank had made progress in reforming its operations to better address climate change and other global challenges, but still needed "cultural change" to mobilize private sector capital.
The reforms of the World Bank and other multilateral development banks are a key topic at this week's annual meetings in Morocco of the International Monetary Fund and World Bank. World Bank governors were expected to lay the groundwork for the issuance of hybrid capital and endorse a portfolio guarantee platform that gives shareholders a new way to contribute to the bank's work, she said.But government funding would never suffice, Yellen added, calling on the MDBs to establish concrete private capital mobilization targets and incentives for staff to meet them.
As a next step, Yellen said Treasury had asked the MDBs to prioritize incorporating "a prudent share" of callable capital — the commitment from shareholders to step in in extreme circumstances — into their capital adequacy frameworks.This is a rare opportunity to earn $1,000 in annual passive income for decades with less than $12,300 investment in this super dividend stock.
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