WASHINGTON, April 22. /TASS/. The World Bank Group’s shareholders have backed the decision to increase paid-in capital by $13 bln, the World Bank said in a statement on its website.
This amount consists of $7.5 billion paid-in capital for the International Bank for Reconstruction and Development (IBRD) and $5.5 billion paid-in capital for the International Financial Corporation (IFC).
According to the statement this measure will "greatly strengthen the global poverty fighting institution’s ability to scale up resources and deliver on its mission in areas of the world that need the most assistance."
"The boost in capital will be augmented by a broad range of internal measures including operational changes and effectiveness reforms, loan pricing measures, and other policy steps to create an even stronger World Bank Group," the statement says.
"The combined financing arms of the World Bank Group are expected to reach an average annual capacity of nearly $100 billion between fiscal years of 2019 and 2030,"accoridng to the statement.
"Through the historic agreement endorsed today, our shareholders have clearly demonstrated a renewed confidence in global cooperation, and we greatly appreciate this strong support from our member countries," World Bank Group President Jim Yong Kim said as quoted by the statement. According to him, "this capital package allows for greater responsiveness to risks to global stability and security, particularly in poorer countries and fragile states.".