Leaders are set to back a push for multilateral development banks like the World Bank to put more capital at risk to boost lending, according to a draft summit statement seen by Reuters.
Citing the war in Ukraine, climate crisis, a fledgling pandemic recovery, widening disparity and declining progress, Banga said it was time the World Bank adopted a new vision.
The summit aims to create multifaceted roadmaps that can be used over the next 18-24 months, ranging from debt relief to climate finance.
Wealthy nations have yet to come good on climate finance that they promised as part of a past pledge to mobilize $100 billion a year, a key stumbling block at global climate talks.
Though binding decisions are not expected, officials involved in the summit's planning said some strong commitments should be made about financing poor countries.
Persons:
Ajay Banga, Banga, Mia Mottley, John Irish, Philippa Fletcher
Organizations:
Glasgow, Summit, New Global Financial, World Bank, United Nations, Bank, Reuters, Barbados, Bridgetown Initiative, Bretton, International Monetary Fund, International Maritime Organization, Thomson
Locations:
Paris, France, PARIS, Africa, Ukraine, Banga, Bridgetown, French