WASHINGTON: The World Bank Group said on Wednesday it would consolidate its loan and investment guarantee structure as part of its goal to triple its annual guarantees to $20 billion by 2030 to boost private renewable energy investments in developing countries.
The reforms, announced on the sidelines of a G20 finance leaders meeting in Sao Paulo, Brazil, would move all of the guarantee experts from across the World Bank's business units into a single platform. The bank said the changes, to start on July 1, would provide "a seamless experience for clients and easier access to the full suite of guarantees."
The World Bank Group currently guarantees about $6.8 billion worth of loans and investment contracts annually across its business units, including the Multilateral Investment Guarantee Agency (MIGA), the private-sector International Finance Corp andcits main International Bank for Reconstruction and Development lending arm. The guarantees include insurance for credit risks, political risks, breach of contract, currency restrictions and other impediments to private investment in developing countries.
This representational image shows a person holding gold necklaces. — AFP/FileKARACHI: Gold prices rose by Rs500 per...
US President Donald Trump is pictured with China's President Xi Jinping at the start of their bilateral meeting at the...
A deliveryman sitting in delivery rikshaw and using mobile phone. — AFP/FileBEIJING: Consumers pinching pennies,...
A representational image of a office in which files are stacked on the tables. — X@SACP/FileLAHORE: While economic...
A gondolier with two customers near San Marco Square in Venice on April 25, 2024. —AFPMADRID: Global tourism fully...
The logo of the Bank of Korea is seen on the top of its building in Seoul, South Korea, March 8, 2016. —...