According to a roadmap document sent to shareholder governments, the World Bank wants to bolster its lending capacity to address better climate change and other challenges faced by the international community. The negotiation process could lead to a shift in the bank’s lending model and alter its mission and financial resources.
The need to reform multilateral development banks such as the World Bank was felt after developing countries faced pressure on various fronts, including:
- Inflation
- Slowing growth
- Energy and food shortages resulting from Russia’s war in Ukraine
- Climate change related challenges
- Mounting debt burdens
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