April 19, 2018 / 3:28 PM / a month ago

World Bank capital boost does not specify China lending cut: Kim

WASHINGTON (Reuters) - World Bank President Jim Yong Kim said on Thursday that a plan to strengthen the multilateral lender’s capital base does not specify reductions in loans to China or any other countries, but added that lending to lower-middle-income countries would expand over time.

World Bank President Jim Yong Kim arrives at the opening news conference ahead of the IMF/World Bank spring meeting in Washington, U.S., April 19, 2018. REUTERS/Yuri Gripas

“We’re going to increase our lending to lower-income countries,” Kim told a news conference about the plan to be discussed by the World Bank’s development committee on Saturday. “Just to be clear on this, there is nothing in the agreement that targets any specific country.”

Reuters reported last week that the $13.5 billion capital increase for the World Bank’s main concessional lending arm would lift China’s voting power and shareholding in the institution and bring lending reforms.

The Trump administration has chided the World Bank’s lending to higher-income countries such as China, saying they should “graduate” to non-concessional loans.

Reporting by David Lawder and Makini Brice; Editing by Andrea Ricci

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