U.S. Treasury Secretary Janet Yellen on Wednesday rejected the idea of a near-term capital increase for the World Bank and said she expected the U.S. nominee to lead the institution, former Mastercard CEO Ajay Banga, to be elected president of the multilateral lender.
Ajay Banga, President and CEO Mastercard, attends the World Economic Forum annual meeting in Davos, Switzerland January 19, 2017. REUTERS/Ruben Sprich
WASHINGTON, March 29 - U.S. Treasury Secretary Janet Yellen on Wednesday rejected the idea of a near-term capital increase for the World Bank and said she expected the U.S. nominee to lead the institution, former MastercardYellen told U.S. lawmakers that she wants World Bank reforms to vastly expand lending to fight climate change and other global crises, largely by stretching its existing resources, adopting innovative financing policies and mobilizing private finance.
A capital increase was among proposals the World Bank made in January. It would not be possible without the support of the United States, the World Bank's dominant shareholder. "We are not requesting a capital increase," Yellen said during a budget hearing of the U.S. House of Representatives Appropriations Subcommittee on State, Foreign Operations, and Related Programs. "We do want to see better mobilization of private resources alongside World Bank investments as well, but we're not requesting a capital increase at this time.
The World Bank's last capital increase, of $13 billion, was approved by member countries in 2018, but the lending capacity created has been strained by the COVID-19 pandemic and spillovers from Russia's war in Ukraine.
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