The US has pushed for reforms in the world bank that will better prepare it to tackle long-term issues like climate change.
US Treasury Secretary Janet Yellen told AFP in an interview that she expects member states will agree to update the World Bank’s mission statement to include “building resilience against climate change, pandemics, and conflict and fragility,” to its core goals.
Yellen said she also expects an agreement to “significantly” stretch the World Bank’s financial capacity, which “could result in an additional $50 billion in extra lending capacity over the next decade.” The changes will likely fall to the bank’s next president to implement, with current World Bank president David Malpass due to step down early from a tenure marked by concerns over his position on climate change.
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