U.S. continues push for global development funding |
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October 5, 2011
Increased capital funding to multilateral development banks will promote economic prosperity and national security, witnesses told a U.S. House of Representatives committee Tuesday
Increased capital funding to multilateral development banks will promote economic prosperity and national security, witnesses told a U.S. House of Representatives committee Tuesday.
In a hearing on international monetary policy and trade, U.S. Rep. Bob Dold, R-Ill., said there are domestic economic benefits that come at a low cost with the authorization of the Obama administration's $3.3 billion request for multilateral development banks in 2012.
Multilateral development banks, which provide financial support and assistance to developing countries, typically refer to the World Bank and four regional development banks: the African Development Bank, the Asian Development Bank, the European Bank for Reconstruction and Development and the Inter-American Development Bank Group.
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