World Bank seeks more money to address climate change, other crises, document shows

World Bank seeks more money to address climate change, other crises, document shows

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The IBRD’s $13 billion capital increase in 2018 was designed to prepare for “one medium-sized crisis a decade, not multiple, overlapping crises” including the COVID-19 pandemic, the war in Ukraine, and climate change. Accelerating effects are included, the document said. The IBRD’s crisis buffer is likely to be exhausted by mid-2023, it said.

Another option, according to the roadmap, is for the World Bank’s shareholder countries to make periodic contributions to the Lenders’ Fund for the World’s Poorest Countries, the International Development Association (IDA), which, despite growing needs, has not been able to do so in recent years. There has been a decline.

The roadmap also provides the option of creating a new concessional lending trust fund for middle-income countries that will focus on global public goods and be similar in structure to an IDA, with regular funding that is separate from the bank’s capital structure. Will be

“Such a fund could attract donor bilateral resources separate from the shareholder budget lines that support WBG, and could potentially include donors beyond shareholders,” the bank said.

The bank said that the development of its mission to increase climate lending while maintaining good growth results will require additional staff and budget resources, which have decreased by 3% in real terms over the past 15 years.

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