News Summary (unedited but section selected)
WASHINGTON, Jan 2 (Reuters) – The World Bank is seeking to vastly expand its lending capacity to address climate change and other global crises and will negotiate with shareholders ahead of April meetings on proposals that include a capital increase and new lending tools, according to an “evolution roadmap” seen by Reuters on Monday.
Reporting by David Lawder; additional reporting by David Milliken in London, additional writing by Karin Strohecker, editing by Grant McCool
IBRD’s $13 billion capital increase in 2018 “was designed to be prepared for one mid-sized crisis a decade, and not multiple, overlapping crises” including the COVID-19 pandemic, the war in Ukraine and the effects of accelerating climate change, the document said. IBRD’s crisis buffers will likely be depleted by mid-2023, it said.