Joe Biden’s administration is pushing the World Bank as a counterpart to China’s overseas lending.
President Joe Biden will also call on G20 to provide meaningful debt relief for low and middle income countries.
“That’s one of our main focuses heading into the G20: delivering on an agenda fundamentally reshaping and scaling up the multilateral development banks, especially the World Bank,” White House national security adviser Jake Sullivan told reporters. The White House in late August asked Congress for US$3.3 billion in additional funding as part of a supplemental budget request to “materially expand development and infrastructure financing” through the World Bank to offer countries a “credible
“We know that these institutions are some of the most effective tools that we have for mobilising transparent, high quality investment into developing countries,” Sullivan said Tuesday.
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