BREAKING NEWS

World Bank increases 3rd world investment, influence

By ASSOCIATED PRESS

Published: APRIL 26, 2010 03:05

WASHINGTON — U.S. Treasury Secretary Timothy Geithner says members of the World Bank have agreed to increase the funds it uses to lend for development projects by $3.5 billion.

He also said the bank's steering committee decided to give developing countries more of a voice in running the 186-member Washington-based institution.

Geithner said Sunday the bank made a strong and compelling case for a new capital infusion and he will ask Congress to approve the U.S. portion.

In addition, he said members agreed on a new shareholding arrangement giving developing countries more influence in bank operations.

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