Lending capacity will grow: WB chief

The head of the World Bank (WB) says its lending capacity will increase by $100 billion to roughly $300 billion over the next 10 years. Jim Yong Kim said this figure, achieved through a combination of spending cuts and increases in the bank's investment portfolio, is in addition to the $52 billion it has available for grants and easy-term loans to the poorest countries. He told the Council on Foreign Relations on Tuesday the bank's increased financial firepower represents unprecedented growth for its component groups. He said the organisation now can mobilise and use hundreds of billions of dollars annually to meet developing world needs, according to a news agency.