Bank VP Obiageli Ezekwesili on the importance of the capital increase

 
This weekend, shareholders gathered for the Spring Meetings in Washington, DC, will decide on a request to replenish the World Bank Group’s capital base. The request comes in the wake of unprecedented demands for the Bank’s financial assistance stemming from the global economic crisis.

In a recent speech at Harvard University, Africa Region Vice President Obiageli Ezekwesili outlined the importance of the capital increase as a critical source of funding for the International Development Association (IDA), the concessional window of the World Bank that provides grants and interest-free credits to low-income countries; the majority of which are in Africa. IDA will be seeking its 16th replenishment in 2011.