The World Bank is being urged to expand its role by further increasing its lending capacity in helping struggling countries.
The President of the World Bank, Ajay Banga said that the bank is no longer only focused on poverty eradication but also on other upcoming global challenges such as epidemics, climate change and food crises.
Even so, the bank is unlikely to be able to do so without funding from the private sector, he said in an exclusive interview on the sidelines of the G20 leaders' summit in New Delhi on Saturday.
Following that, United States President Joe Biden called on other G20 leaders to support the World Bank and other multilateral development banks to improve their ability to support low- and middle-income countries.
In fact, he has also asked Congress to increase the bank's funding by more than $25 billion to enable it to help developing countries.
Biden has previously said that developing countries need more financing options to reduce their dependence on China and help them recover from the effects of the Russia-Ukraine war.
His administration has requested $3.3 billion to increase development and infrastructure financing by the World Bank.
In the meantime, both the World Bank and the IMF have pledged to form a stronger partnership to help countries facing debt problems, achieve their goals and digital transition.
