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MARRAKECH, MOROCCO: World Bank president Ajay Banga on Friday laid out an ambitious agenda aimed at widening the development lender’s mission to tackle climate change and other global crises, speeding decision-making and offering more – and cheaper – lending resources.
In his first major address since taking office on June 2, the former MasterCard CEO said that balance sheet steps in process would yield $157 billion in new lending capacity over a decade, and the World Bank would explore loan maturities of 35-40 years for social and human capital investments.
“We’re investigating if we can reduce interest rates to incentivize exiting from coal as part of energy transitions,” Banga said.
In his first major address since taking office on June 2, the former MasterCard CEO said that balance sheet steps in process would yield $157 billion in new lending capacity over a decade, and the World Bank would explore loan maturities of 35-40 years for social and human capital investments.
“We’re investigating if we can reduce interest rates to incentivize exiting from coal as part of energy transitions,” Banga said.
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