The World Bank today said it aims to almost double its annual lending to USD 28 billion to emerging economies, including India, as part of its efforts to remove poverty.
The Washington-headquartered multilateral agency said it would be adding USD 100 billion to its lending capacity for middle income countries in the next 10 years.
"We now have the capacity to nearly double our annual lending to middle-income countries from USD 15 billion to USD 26-28 billion a year," World Bank Group President Jim Yong Kim said.
This means, Kim added, that the World Bank's lending capacity will increase by USD 100 billion to roughly USD 300 billion over the next ten years.
"We are strengthening our financial house to make sure that we have the capability and financial firepower to scale up our revenue and build our capital if we are going to meet some of the great needs in the developing world,"
The World Bank announced a series of measures aimed at strengthening the World Bank Group to better meet the evolving needs of clients.
This "include a USD 100 billion increase in the lending capacity of the Bank's lending arm for middle-income countries over the next decade, new innovations in financial management, and a boost in the institution's ability to provide private sector support," Kim added.
This is in addition to the largest IDA replenishment in history, with USD 52 billion in grants and concessional loans to support the poorest countries, he said.
The World Bank further said that International Bank for Reconstruction and Development (IBRD) has increased single borrower limit by USD 2.5 billion for Brazil, China, Indonesia, India, and Mexico.
