World Bank Plans to Increase Lending by Over $100 Billion

The World Bank proposed steps today, Thursday, aimed at increasing lending to developing countries by $100 billion over the next ten years as part of an ongoing reform process intended to help the bank expand its mission to include climate change. In a 24-page report to the joint ministerial committee overseeing the International Monetary Fund and the World Bank, the bank's management stated that it would seek approval from shareholders for measures that could enhance lending by more than $100 billion. This amount is in addition to measures already being implemented that could increase the bank's lending to developing countries by up to $50 billion.