World Bank to double lending to developing countries

The World Bank has reportedly announced that it is increasing its lending capacity to developing countries such as China, India and Brazil.

The bank plans on nearly doubling its lending amount, adding about 100 billion dollars to its financing capacity over the next ten years.

According to the New York Times, the bank said it would increase its annual lending to middle-income countries to as much as 28 billion dollars, up from 15 billion dollars, adding that over the next decade.

Meanwhile, the International Bank for Reconstruction and Development, which happens to be a part of the World Bank, will raise the lending capacity for developing countries by 300 billion dollars.

Dr. Jim Yong Kim, the American physician who leads the World Bank, said that if the bank was going to help developing countries end extreme poverty and boost shared prosperity, it would have to provide them with more financial resources, more solutions-based knowledge, and help leverage more private sector investment.