World Bank shareholders pledge $11 bln for hybrid capital, guarantees, German minister says

Eleven countries have pledged to contribute over $11 billion to new World Bank Group hybrid capital and portfolio guarantee instruments designed to expand the bank's lending capacity by $70 billion over 10 years, German Development Minister Svenja Schulze said on Friday.

Schulze told reporters on the sidelines of World Bank and International Monetary Fund annual meetings that the new financing capacity will be aimed at lending to fight climate change, pandemics and other cross-border global challenges.