Yellen rejects World Bank capital increase

“We do want to see better mobilisation of private resources alongside World Bank investments as well, but we’re not requesting a capital increase at this time," said Yellen. — Bloomberg

WASHINGTON: US Treasury secretary Janet Yellen rejected the idea of a near-term capital increase for the World Bank and says she expects US nominee Ajay Banga to win election as the bank’s next leader, with no challengers emerging as the nomination period closed.

Yellen told US lawmakers that she wants World Bank reforms to vastly expand lending to fight climate change and other global crises, largely by stretching the bank’s existing resources, adopting innovative financing policies and mobilising private finance.