Banga says country contributions could boost World Bank lending capacity

World Bank Group President Ajay Banga on Tuesday said that proposed new contributions from wealthy countries under a capital adequacy framework could increase the bank's lending capacity by $100 billion to $125 billion over a decade. Banga told a Council on Foreign Relations event that the contributions would come outside the bank's normal shareholding structure and regular country contributions to the International Development Agency fund for the poorest countries. 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.