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☆ World Bank Eyes Speeding up Loan Approvals Amid Bold Overhaul
▼ + stars: | 2023-11-02 | by ( Nov. | At P.M. | ) www.usnews.com time to read: +3 min

Disbursements currently take an average of 27 months from the time the bank gets a loan request. Adding resources to the implementation stage of projects backed by the bank is another way of reducing the timeframe of disbursements, Mountfield said. The World Bank has launched a broader reform process that includes stretching its balance sheet as international threats from geopolitical tensions to global warming pile pressure on vulnerable nations. The United States, the bank's largest shareholder, has been urging the bank for months to take bolder and faster steps to free up resources. The study, carried out by international finance analytics firm Risk Control, found the bank's two main lending arms, the International Bank for Reconstruction and Development (IBRD) and the International Development Association (IDA), have "significant headroom" to boost lending.

Persons: Rosario, Elisa Martinuzzi, Ed Mountfield, Mountfield, Disbursements, Jorgelina, Christina Fincher Organizations: Elisa Martinuzzi LONDON, Bank, Operations, Country Services, World Bank, Reuters, AAA, Rockefeller Foundation, International Bank for Reconstruction, International Development Association, IDA Locations: London, United States

☆ World Bank chief sees $100 bln-plus lending boost from capital moves
▼ + stars: | 2023-09-26 | by ( David Lawder | ) www.reuters.com time to read: +4 min

Ajay Banga, World Bank president, participates in global infrastructure and investment forum in New York, Thursday, Sept. 21, 2023. They would include U.S. President Joe Biden's proposed $2.25 billion supplemental budget request for the World Bank, along with expected contributions from Germany, Japan, South Korea, Saudi Arabia and Nordic countries, he said. The bank is also examining other ways to expand lending, including providing more loan guarantees, lending against callable capital that is pledged but not paid-in, and special bonds that can serve as hybrid capital. China, India and Brazil got larger shareholdings in the bank in a 2018 capital increase and would likely want more say in a future capital increase, Banga said. "That is a pimple on a dimple on an ant's left cheek compared to what we need in the world," Banga said.

Persons: Ajay Banga, Seth Wenig, Banga, Joe Biden's, I'm, David Lawder, Paul Grant, Rosalba O'Brien Organizations: World Bank, Bank, Foreign Relations, International Development Association, MasterCard, CFR, Bank for Reconstruction, Development, Thomson Locations: New York, Germany, Japan, South Korea, Saudi Arabia, U.S, Marrakech, Morocco, United States, China, India, Brazil

☆ Yellen wants more World Bank reforms in coming months, eyes subnational lending
▼ + stars: | 2023-04-20 | by ( Andrea Shalal | ) www.reuters.com time to read: +4 min

Yellen told Reuters World Bank shareholders had "extremely productive" discussions last week after approving an initial round of reforms to ensure the bank can better tackle issues such as climate change, pandemics and conflict, alongside its work to reduce poverty. Now they expected the bank to take further actions on a "rolling basis," in the run up to the October annual meetings in Morocco, she said. Yellen said private sector executives told her they were upbeat that new incentives and reforms at the World Bank could free up more private capital for development goals. Malpass told Reuters the bank would draft a work plan for reforms to continue over the summer. "We'll explore additional avenues to provide resources directly from the MDBs and enable private sector capital."

☆ World Bank agrees $7 bln, 5-year partnership with Egypt
▼ + stars: | 2023-03-22 | by ( ) www.reuters.com time to read: +2 min

CAIRO, March 22 (Reuters) - The World Bank said on Wednesday it had approved a new $7 billion partnership agreement with Egypt for 2023-2027 with a focus on boosting private sector jobs, provision of better health and education services, and adaptation to climate change. The Country Partnership Agreement (CPF) will entail $1 billion per year from the International Bank for Reconstruction and Development (IBRD) and about $2 billion over five years from the International Finance Corporation (IFC), a statement from the World Bank said. Also on Wednesday the International Finance Corporation (IFC), part of the World Bank Group, announced that it had partnered with the European Bank for Reconstruction and Development and Egypt's Sovereign Fund to develop desalination plants in Egypt through a public-private partnership model. Egypt depends almost entirely for fresh water supplies on the River Nile, and is considered at high risk from the impacts of climate change. Reporting by Nayera Abdallah, Nadine Awadalla and Aidan Lewis, Editing by Louise Heavens, William MacleanOur Standards: The Thomson Reuters Trust Principles.

☆ World Bank agrees $7 bln framework with Egypt
▼ + stars: | 2023-03-22 | by ( ) www.reuters.com time to read: 1 min

DUBAI, March 22 (Reuters) - The World Bank approved a new country partnership framework (CPF) for Egypt for the financial years 2023-2027 providing the country with $7 billion in funds, the lender said on Wednesday. The CPF will entail $1 billion per year from the International Bank for Reconstruction and Development (IBRD) and about $2 billion during the entire CPF period from the International Finance Corporation (IFC), the statement said, adding that the programme was meant to support Egypt's efforts in green and inclusive development. Reporting by Nayera Abdallah and Nadine Awadalla, Editing by Louise HeavensOur Standards: The Thomson Reuters Trust Principles.

☆ Chile readies major earthquake insurance with World Bank
▼ + stars: | 2023-02-23 | by ( ) www.reuters.com time to read: +1 min

[1/3] A damaged car lies on debris after an earthquake hit areas of central Chile, in Coquimbo city, north of Santiago, Chile, September 17, 2015. REUTERS/Ivan Alvarado/File PhotoSANTIAGO, Feb 23 (Reuters) - Chile is finalizing a deal with the World Bank for insurance against high-intensity earthquakes that would impact the country's fiscal policy and public debt, the Finance Ministry said on Thursday. "The specific conditions of the insurance will be disclosed once this financial operation is completed, which would eventually occur in the coming weeks." The government said that studies to design different financial insurance structures with the World Bank - through the International Bank for Reconstruction and Development (IBRD)- began in June 2022. Chile is prone to earthquakes as it is located in the so-called Pacific Ring of Fire.

☆ Exclusive: World Bank may loosen loan ratio to free up $4 billion a year
▼ + stars: | 2023-02-16 | by ( Andrea Shalal | ) www.reuters.com time to read: +3 min

WASHINGTON, Feb 16 (Reuters) - The World Bank, under pressure to do more to help developing countries cope with climate change, may change its internal lending guidelines to free up $4 billion in lending capacity each year, World Bank President David Malpass told Reuters on Thursday. Lowering the equity-to-lending ratio would free up more resources at a time of mounting global challenges such as the Ukraine war, he said. The board was expected to decide on the issue by the April meetings of the bank and the International Monetary Fund. Malpass announced his resignation from the bank on Wednesday amid mounting pressure from the U.S. Treasury to move faster on reforming the bank. The World Bank had long argued against changing its capital adequacy rules, worried that doing so would undermine its AAA credit ratings, but two of the three main agencies last year said some changes were possible without tarnishing the ratings.

☆ Exclusive: World Bank's Malpass on surprise exit: Four years is a long time
▼ + stars: | 2023-02-16 | by ( Andrea Shalal | ) www.reuters.com time to read: +3 min

WASHINGTON, Feb 16 (Reuters) - World Bank President David Malpass on Thursday told Reuters he decided to leave before his five-year contract ended because he felt work was well underway on reforms aimed at expanding the bank's lending. Malpass, who was nominated by former President Donald Trump, said the end of the bank's fiscal year was a good time for a transition. Malpass will leave the bank by the end of June. Asked about suggestions he had been urged to leave, Malpass said he was leaving on his own terms and it made sense for him at this time. Malpass would not comment on whether it was time to end a longstanding tradition of having the bank's leader come from the United States.

The World Bank management aims to have specific proposals to change its mission, operating model and financial capacity ready for approval by the joint World Bank and International Monetary Fund Development Committee in October, according to the document. A World Bank spokesman said that the document aimed to provide details on the scope, approach, and timetable for the evolution, with regular updates for shareholders and decisions later in the year. A U.S. Treasury spokesperson declined comment on the World Bank document. Development experts say this shift would greatly increase the amount of lending compared to the current capital structure, which only utilizes paid-in capital. "The challenges the world is facing call for a massive step up in the international community's support," the bank said in the document.

☆ World Bank disburses additional $500 mln to Ukraine
▼ + stars: | 2022-10-25 | by ( ) www.reuters.com time to read: +2 min

WASHINGTON, Oct 24 (Reuters) - The World Bank said on Monday it had disbursed an additional $500 million to help Ukraine meet urgent spending needs created by Russia's Feb. 24 invasion and the ongoing war. The financing by the International Bank for Reconstruction and Development, the bank's main lending arm, was supported by $500 million in loan guarantees from Britain that were announced on Sept. 30, the bank said. We stand firmly to support the Ukrainian people as they face this unparalleled crisis.”The World Bank has mobilized a total of $13 billion in emergency financing for Ukraine, of which $11.4 billion has been fully disbursed. Russia's invasion caused over $97 billion in direct damages to Ukraine through June 1, but it could cost nearly $350 billion to rebuild the country, the World Bank, Ukrainian government and the European Commission said in a report released in September. Register now for FREE unlimited access to Reuters.com RegisterReporting by Andrea Shalal; Editing by Muralikumar AnantharamanOur Standards: The Thomson Reuters Trust Principles.

☆ World Bank cites overdue payments, puts loans to Belarus in 'nonperforming' status
▼ + stars: | 2022-10-18 | by ( Andrea Shalal | ) www.reuters.com time to read: +1 min

WASHINGTON, Oct 17 (Reuters) - The World Bank said on Monday it had placed all loans made by its main lending arm to Belarus into "nonperforming" status effective immediately, citing overdue payments amounting to $68.43 million. All International Bank for Reconstruction and Development (IBRD) loans to, or guaranteed by, Belarus were affected, the bank said. The bank stopped all programs in Belarus on March 2, and has not approved new lending to the country since May 2020. It said Belarus' outstanding principal of $967 million amounted to 0.42% of IBRD’s total outstanding loans. Being placed in nonperforming status results in a charge to income of about $12.75 million, it said.

Companies The World Bank Group FollowWASHINGTON, Oct 11 (Reuters) - World Bank President David Malpass defended the institution's commitment to tackling climate change on Tuesday, telling civil society groups that have criticized his leadership on the issue that the bank is focused on global warming. "We are clearly prioritizing climate," Malpass told a town hall held during the World Bank Group's annual meetings, responding to several questions about the World Bank's climate change work. The World Bank spent a record $31.7 billion on climate-related investments, exceeding its goal of dedicating 35% of its investments to climate co-benefits, he added. And we are working very hard at the World Bank to reduce greenhouse gas emissions throughout all of our tools and programs." "We have not lent a single dollar in the World Bank and IBRD (International Bank for Reconstruction and Development) directly to fossil fuels last year," Juergen Voegele, vice president of sustainable development at the World Bank, said in addressing that report's findings.

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