World Bank needs investments from the private sector to steer greater change, says president
During the summit, U.S. Presidentto further support the World Bank and other multilateral development banks over the next year in order to increase the institution's ability to support low and middle-income countries.
Biden has previously said that developing countries need more funding options to reduce their dependency on China, and help them recover from the effects of Russia's war on Ukraine.to increase development and infrastructure finance by the World Bank. "I do have the idea that if I could get a certain amount of money in the bank to put into say, renewable energy, could I get the private sector to put one-is-to-one, two-is-to-one, three-is-to-one?" Banga said.
"We need this conversation because if you don't have it, we have no solutions and the debt problem is very pressing," Georgieva said Sunday."We now have more than half of of the low income countries either in or close to that distress."
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