The World Bank plans to nearly double its annual lending to emerging economies like China and India as part of its effort to eliminate extreme poverty by 2030.
The Bank announced on Tuesday it would add $US100 billion ($A108.17 billion) to its lending capacity for middle-income countries over the next 10 years.
That would allow it to expand its lending to those countries from $US15 billion to as much as $US28 billion each year.
The move follows in the wake of the bank’s raising $US52 billion in resources for the poorest countries announced in December.
The new expansion is for the International Bank for Reconstruction and Development, the World Bank’s arm for working with emerging economies.
It will take the Bank’s annual lending capacity to all borrowers to $US70 billion from today’s $US45-50 billion.
“We are strengthening our financial house to make sure that we have the capability and financial firepower to scale up our revenue and build our capital if we are going to meet some of the great needs in the developing world,” said Bank President Jim Yong Kim.
The Bank also increased its limit on borrowing from the largest emerging-market countries – Brazil, China, Mexico, India and Indonesia – by $US2.5 billion each, but accompanied by a higher loan cost as well.
