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Home » Finance Current Affairs » MDBs to lend $110 bn more this yr: Official

MDBs to lend $110 bn more this yr: Official

Current Affairs

London: The Multilateral Development Banks (MDBs)have substantially increased their lending and plan to loan in excess of USD 110 billion more this year in response to the strong crisis-driven demand, including over USD 60 billion committed by the World Bank.

According to the progress report on the actions of the London and Washington G20 Summits, circulated at the G20 Finance Ministers meeting here which concluded last evening, 'the lending project for the next three years exceeds USD 305 billion, with World Bank lending projected to increase to USD 100 billion."

The MDBs have taken concrete steps to enhance their financial capacity through the exceptional use of their balance sheets, the report said.

For example, the World Bank have agreed to increase in the International Bank for Reconstruction and Development (IBRD) loan pricing and a reduction in capital adequacy policy limit over the next three years.

It said the Asian Development Bank (ADB) is making full use of its financial positions to provide countercyclical funding support to its crisis-affected DMCs and released USD 400m from its prudential minimum liquidity to the Asian Development Fund.

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