By Enyichukwu Enemanna
United States has called on member nations of the World Bank to back a plan to update the bank’s mission statement to get it better prepared to tackle long-term issues like climate change.
The call comes ahead of the World Bank and International Monetary Fund’s spring meetings scheduled to take place later this week expected to focus on high inflation, rising geopolitical tension and financial stability.
US Treasury Secretary Janet Yellen told AFP in an interview that she expects member states will agree to update the World Bank’s mission statement to include “building resilience against climate change, pandemics, and conflict and fragility,” to its core goals.
Yellen said she also expects an agreement to “significantly” stretch the World Bank’s financial capacity, which “could result in an additional $50 billion in extra lending capacity over the next decade.”
If passed, the changes will likely be implemented by the next president of the bank.
The incumbent president, David Malpass is expected to step down early from an aborted term marked by concerns over his position on climate change.
