G20 must give more funds to World Bank for Global South: Rockefeller's Shah

The foundation's president says COP21 Pledge of $100 bn from richer nations hasn't been met and is no longer enough

The president of the Rockefeller Foundation, Rajiv Shah, who is set to visit India on March 18, said that under India's presidency, the G20 nations should consider providing more capital to the World Bank and other multinational development banks. Shah told Business Standard that in order to provide more concessionary funding, the G20 leadership should increase capital in the multinational development finance system.

Shah, who has been the president of the Rockefeller Foundation since 2017, stressed that India’s renewable energy efforts and the need to reform international financial institutions towards sustainable development will top his agenda during his upcoming trip.