Treasury Secretary Janet Yellen will propose changes for the World Bank and regional development banks Thursday, pushing them to move beyond country-specific loans to address global threats and speed the flow of private capital to poor and emerging…
“The evolution of these banks will require changes to incentives, operating models and uses of the banks’ financial resources,” Yellen plans to say in a speech she’s scheduled to deliver in Washington at the Center for Global Development think tank. Portions of the remarks were seen by Bloomberg News.
Her remarks come days before policy makers from across the world gather in the US capital for annual meetings of the World Bank and International Monetary Fund. But when it comes to closing fossil-fuel-burning power plants in favor of clean energy projects, single countries are still being asked to bear the cost for projects that will confer benefits well beyond their borders. In such cases, the Treasury official said, countries should be offered a lower cost of finance in order to incentivize the project.
“There is a huge pool of global savings,” Yellen will say Thursday. “But the flow to developing countries is limited. Why? The obstacles include information asymmetry, a scarcity of bankable projects, and political and regulatory uncertainty.”
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