WASHINGTON, June 1 (Reuters) - U.S. Treasury Secretary Janet Yellen on Thursday told incoming World Bank Group President Ajay Banga to "get the most out of the bank's balance sheet" and mobilize more private capital for climate finance and global development objectives, the Treasury said.
That includes continuing to implement recommendations from last year's G20 report on capital adequacy, which argued that changes to multilateral development banks could unlock hundreds of billions of dollars in new lending.
She also said the World Bank needed to work more closely with its sister development banks.
Banga, 63, was elected to a five-year term as World Bank president by the lender's board of governors on May 3.
The U.S., the World Bank's largest shareholder, has traditionally chosen an American to run the World Bank, while Europe has chosen the head of the International Monetary Fund.
Persons:
Janet Yellen, Ajay Banga, David Malpass, Yellen, Joe Biden, Malpass, David Lawder, Richard Chang, Chris Reese
Organizations:
. Treasury, World Bank, Treasury, Mastercard, AAA, U.S, International Monetary Fund, Thomson
Locations:
Banga, Ukraine, U.S, American, Europe