The World Bank will ask for more grants and fresh capital from member countries, while leveraging its balance sheet to ramp up lending to respond to climate change and other global crises, its chief operations officer said on Tuesday.
The institution will rally donor support for a newly created crisis mechanism targeting the world’s poorest countries facing overlapping crises, including severe weather events, Anna Bjerde said in an interview.
“Hopefully we can really finish and have a strong interest in funding this by the end of the year,” Bjerde said, adding that several billion dollars are needed for the crisis mechanism.
This project is part of the International Development Association (IDA) fund, the World Bank’s fund for the poorest countries. The last supply of resources has been quickly depleted by the pandemic.
Bjerde expects big progress in attracting interest in the program at the annual meetings of the International Monetary Fund (IMF) and the World Bank in Morocco in October.
“We really need to get subsidies from rich and developed and high-income countries to provide resource transfers to low-income countries,” he said.
The World Bank, whose 25-member executive council elected a new president on May 3, wants to ramp up lending to ensure it can better address issues such as climate change, pandemics and conflict.
Source: Terra
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