The World Bank is set to increase the financial capacity of its middle-income lending arm by $50 billion over 10 years. In this respect informs Reuters cites World Bank President David Malpass.
“A $50 billion increase in the financial capacity of the MIC lending arm is needed to help countries deal with overlapping crises,” Malpass said.
According to him, the financial capacity of the International Bank for Reconstruction and Development (IBRD) will be developed at the upcoming spring meetings of the World Bank and the International Monetary Fund.
He added that thanks to the World Bank, public goods have doubled between 2020 and 2022, reaching $100 billion.
RIA Novosti at the end of October reportedDeputies of the lower house of the Kazakhstan Parliament approved the draft law on the approval of the loan agreement from the IBRD. According to the agency, the loan amount will be €345.7 million and the money will be used to restore the country’s economy after the COVID-19 pandemic. The country will have to repay the loan in 11.5 years.