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Politics

World Bank Edges Near Capital Boost as U.S. Drops Objection

By
and
Updated on
  • Lender gets member support for $13 billion capital increase
  • China’s voting share in bank to rise from current 4.5% level
Jim Yong Kim, center, attends the International Monetary Fund (IMF) governors group photo at the spring meetings of the IMF and World Bank in Washington, D.C., U.S., on Saturday, April 21, 2018. 

Jim Yong Kim, center, attends the International Monetary Fund (IMF) governors group photo at the spring meetings of the IMF and World Bank in Washington, D.C., U.S., on Saturday, April 21, 2018. 

 Photographer: Andrew Harrer/Bloomberg

The World Bank won support from its member countries for a $13 billion capital increase, with the U.S. dropping its objection as the lender imposes measures that would potentially reduce loans to China.

The boost will be accompanied by internal steps “including operational changes and effectiveness reforms, loan pricing measures, and other policy steps,” the World Bank said in a statement after policy makers met on Saturday in Washington.