WASHINGTON: US president Joe Biden will focus on reforming the World Bank and urging other multilateral development banks to boost lending for climate...
US President Joe Biden speaks during Labor Day celebrations in Philadephia, Pennsylvania, August 4, 2023. AFPPIX: US president Joe Biden will focus on reforming the World Bank and urging other multilateral development banks to boost lending for climate change and infrastructure projects during the G20 leaders summit in India, the White House said on Tuesday.
The Biden administration is pushing the World Bank, founded as World War Two drew to a close to alleviate poverty, as a counterpart to China’s overseas lending. New CEO Ajay Banga has pushed to expand climate change and hunger programmes, and boost the bank’s lending power with new funding and balance sheet rules.
alternative to the People’s Republic of China’s coercive and unsustainable lending and infrastructure projects.”
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