Washington
Endorsements totaling USD 11 billion have been received by the World Bank for new financial instruments aimed at enhancing lending capacity and tackling shared global challenges. Eleven countries have announced commitments for the Portfolio Guarantee Platform, hybrid capital mechanism, and new Liveable Planet Fund, as per a release by the World Bank.
The World Bank Group’s leveraging capability can multiply pledged resources six to eight times over 10 years, potentially reaching up to tenfold under certain conditions. These resources could provide up to $70 billion in urgently needed funds to address cross-border challenges and advance development goals.
Ajay Banga, President of the World Bank Group, remarked that the development of these financial instruments aims to boost lending capacity, multiply donor funds, and improve the lives of more people. He noted the generosity of the countries as an endorsement of the Bank’s reform progress and shared commitment to global development. Countries including Belgium, France, Japan, and the United States have pledged to the Portfolio Guarantee Platform, while Denmark, Germany, Italy, Latvia, the Netherlands, Norway, and the United Kingdom committed to hybrid capital. Additionally, Japan pledged the initial contribution to the new Liveable Planet Fund. The mutual contribution underscores the importance of international cooperation in addressing environmental challenges.
