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World Bank received USD 11 billion funds for new financial instruments
The Business Guardian
|April 21, 2024
The World Bank has received endorsements of USD 11 billion for the new financial instruments aimed at boosting lending capacity and addressing shared global challenges.
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According to a release by the World Bank, eleven countries announced commitments totalling USD 11 billion for the Portfolio Guarantee Platform, hybrid capital mechanism, and new Liveable Planet Fund.
The World Bank Group’s leveraging capability allows pledged resources to be multiplied six to eight times over 10 years, potentially reaching up to tenfold under certain conditions. These pledged resources could provide up to $70 billion in urgently needed funds to tackle cross-border challenges and advance development goals.
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