REUTERS/Elizabeth Frantz/File Photo Acquire Licensing RightsBEN GUERIR, Morocco, Oct 10 (Reuters) - U.S. Treasury Secretary Janet Yellen said on Tuesday the World Bank had made progress in reforming its operations to better address climate change and other global challenges, but still needed "cultural change" to mobilize private sector capital. But more efforts were needed to equip World Bank staff to deliver the desired results, Yellen said. The reforms of the World Bank and other multilateral development banks (MDBs) are a key topic at this week's annual meetings in Morocco of the International Monetary Fund and World Bank. But government funding would never suffice, Yellen added, calling on the MDBs to establish concrete private capital mobilization targets and incentives for staff to meet them. She said the World Bank's International Finance Corp and MIGA divisions should expand their lending, guarantee and insurance instruments, and find new ways to smartly manage foreign exchange risk.

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Persons: Janet Yellen, Elizabeth Frantz, BEN GUERIR, Ajay Banga, Yellen, Banga, Andrea Shalal, Catherine Evans Organizations: Treasury, Treasury Department, REUTERS, . Treasury, Bank, Mohammed VI Polytechnic University, World Bank, International Monetary Fund, Bank's International Finance Corp, Thomson Locations: Washington , U.S, Morocco, Ben Guerir