Biden’s focus on World Bank reform, new funding at G20 summit in New Delhi

US President Joe Biden in his office. Photo published by the White House on July 9, 2022.

The White House announced on Tuesday that US President Joe Biden will center his efforts on reforming the World Bank and encouraging other multilateral development banks to increase their lending for climate change and infrastructure projects at the G20 leaders summit in India.

“One of our primary objectives at the upcoming G20 summit is to implement a comprehensive agenda aimed at fundamentally reshaping and expanding the operations of multilateral development banks, with a particular emphasis on the World Bank,” White House National Security Adviser Jake Sullivan stated.

The Biden administration is advocating for the World Bank, originally established toward the end of World War II to alleviate poverty, to serve as a counterbalance to China’s overseas lending initiatives.

The newly appointed CEO, Ajay Banga, has been actively promoting the expansion of programs addressing climate change and hunger, as well as enhancing the bank’s lending capacity through the introduction of new funding and revised balance sheet regulations.

Additionally, President Biden will use the G20 platform to call for substantial debt relief measures for low and middle-income countries, according to Sullivan.