The World Bank chief will announce a raft of measures on Thursday to aid countries hit by natural disasters, including a pause in payments to the lender, as world leaders gather in Paris to give impetus to a new global finance agenda.
Some 40 leaders, including about a dozen from Africa, China's prime minister and Brazil's president, will be joined in the French capital by international organisations, civil society and private sector actors at the "Summit for a New Global Financial Pact.
Citing the war in Ukraine, climate crisis, a fledgling pandemic recovery, widening disparity and declining progress, Banga said it was time the World Bank adopted a new vision. "The international financial system is no longer adapted to face financing challenges the world faces today so this is an opportunity to get everyone around the table," said a senior French diplomat.
Wealthy nations have yet to come good on climate finance that they promised as part of a past pledge to mobilize $100 billion a year, a key stumbling block at global climate talks.
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