Berlin (d.de) – At the Spring Meetings of the World Bank this week in Washington, Germany will campaign for a fundamental reform. Its goal is that the World Bank, being the biggest provider of development funding, should deploy its capital more effectively to resolve global crises such as climate change, the destruction of nature, or pandemics. German Development Minister Svenja Schulze had initiated the reform in October 2022 together with the USA and other shareholders.
Germany will voice support in Washington for three central demands. First, a new mission statement is to widen the World Bank’s existing goals of fighting poverty and creating prosperity for all to include resolving global crises such as climate change or species extinction. Second, the financing and business model is to be changed such that countries are given incentives to make investments that benefit not only themselves but also the global population. Third, the World Bank is to mobilise more money. Germany envisages potential for several billion US dollars of additional development funding per year.
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