From the article: The World Bank’s president has begun making the case for an increase of the institution’s capital base, arguing that a slowdown in emerging markets and ambitious UN development goals agreed last month mean the bank needs greater resources.
The issue of increasing the $253bn capital base of the bank’s main arm, the International Bank for Reconstruction and Development, is likely to be among the subjects of discussion when President Jim Yong Kim meets shareholders during this week’s annual meeting in Peru. However, some of the bank’s 188 members are resisting the idea, saying the bank should do more with its current resources to meet rising demand for its loans.
The push by Mr Kim comes as the bank faces new competition from the China-led Asian Infrastructure Investment Bank, which is frustrated by what it sees as western domination of the World Bank and its sister organisation, the International Monetary Fund.
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