The World Bank says 11 countries have announced commitments for its Portfolio Guarantee Platform, hybrid capital mechanism, and new Livable Planet Fund.
It says the new financial instruments, designed to boost lending capacity and enable the World Bank Group to take on more risk for shared global challenges, got pledges of up to US$11 billion.
The World Bank says it expects the resources pledged to hybrid capital and the Portfolio Guarantee Platform to be multiplied six to eight times over 10 years.
Belgium, France, Japan, and the United States pledged to the Portfolio Guarantee Platform, while Denmark, Germany, Italy, Latvia, the Netherlands, Norway, and the United Kingdom made commitments to hybrid capital.
Japan is committed to providing the first contribution to the new Livable Planet Fund.
The World Bank Group has implemented a series of reforms and developed innovative financial instruments as part of the Capital Adequacy Framework review, which was recommended by the G20 Expert Group.
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