U.S. Treasury's Yellen urges new World Bank chief to 'get the most' of balance sheet

U.S. Treasury Secretary Janet Yellen on Thursday told incoming World Bank Group President Ajay Banga to "get the most" out of the bank's balance sheet and mobilize more private capital to finance climate change initiatives and global development objectives, the Treasury said.

In a readout of Yellen's meeting with Banga a day before the former Mastercard CEO takes office at the World Bank, the Treasury said she emphasized the need to continue implementing recommendations from a G20 review of the bank's capital adequacy framework.