The World Bank said 11 countries have pledged more than $11 billion in new blended capital instruments and portfolio guarantees designed to expand the bank's lending capacity by $70 billion over a decade to address climate change, pandemics and other global challenges.
It is the largest capital increase for the World Bank since the US and other shareholders expanded the bank’s mission beyond fighting poverty in 2022. The bulk of the latest funding commitment, about $9 billion, comes from the US.
The World Bank previously estimated that developing countries would need an average of $2.4 trillion a year through 2030 to address global challenges including climate change, conflict and pandemics. In April 2023, World Bank shareholders approved an increase in the bank’s leverage ratio to increase lending capacity by about $40 billion over 10 years and expand bilateral guarantees to raise an additional $10 billion in funding.
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