WB shareholders approve $13b capital hike

WASHINGTON, Apr 22 (AFP): World Bank shareholders approved a "historic" increase in the bank's lending capacity Saturday after the US backed a reform package that curbs loans and charges more for higher income countries like China. World Bank President Jim Yong Kim said neither China nor any middle income countries was happy about the prospect of paying more for loans, but they agreed because of the overall increase in funds available.

The agreement increases shares and voting power to large emerging market countries like China.