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BEN GUERIR, Morocco, Oct 10 - 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.
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