Article source
Wall Street Journal
Article date
Wed, Dec 14, 2016
The World Bank’s donors Thursday committed a record $75 billion to meet increasing demand for development financing from the globe’s poorest countries over the next three years.
In a major strategy shift announced earlier this year, the bank will seek to raise a third of the funds through bond markets and private debt placements instead of solely through state lending, a move that could undermine the influence its largest shareholder, the U.S., has over the development institution.
The bank also outlined a controversial plan to invest directly into private development projects, sidestepping World Bank lending to governments that traditionally contract infrastructure and other programs.