World Bank along with other Multinational Development Banks boost lending power!

The World Bank recently announced that it was partnering with other Multinational Development Banks, such as the Asian Development Bank and The European Bank for Reconstruction and Development, to its lending power. It states that through this collaboration lending power could increase by somewhere between $300 to $400 Billion. This is great as Developing countries can now use this money to deal with "a perfect storm of intertwined crises - from climate shocks and conflicts to pandemics and surging debts."

Ajay Banga, the President of the World Bank also talked about how all these banks needed to collaborate and work together to be able to provide more funding and share their experience and knowledge.

I believe that this is an important step in helping developing countries solve the issues that they are facing in today's day and age. This extra lending power of international institutions like the World Bank will lead to more developing countries being able to borrow this money to solve global challenges that they face.

https://www.reuters.com/markets/world-bank-multilateral-development-banks-jointly-seek-boost-lending-power-2023-10-13/