WB-VOTING 2 LST

Zoellick added the change was also "to encourage new
ones, including for some of the developing and transition
countries".
The 186 countries that own the World Bank Group also
endorsed boosting its capital by more than USD 86 billion for
the International Bank for Reconstruction and Development
(IBRD), the arm that lends to developing countries.
The increase would come from a general capital increase
and a selective capital increase linked to the change in
voting-powers, including USD 5.1 billion in paid-in capital.
It further agreed on a USD 200 million increase in the
capital of the International Finance Corporation (IFC), the
World Bank Group's private sector arm, as part of an increase
in shares for developing and transition countries.
IFC will also, subject to board approval, consider
raising additional capital through issuing a hybrid bond to
shareholding countries and through retaining earnings.
The IBRD 2010 realignment will result from a selective
capital increase of USD 27.8 billion, including paid-in
capital of USD 1.6 billion.
An increase in the voting power of DTCs at IFC to 39.48
per cent -- a total shift of 6.07 percentage points.
The IFC 2010 realignment will result from a selective
capital increase of USD 200 million and increase in the basic
votes for all members.
Noting that this represent a dynamic transformation for
the World Bank Group, Zoellick said the additional capital
means that the bank will no longer face the possibility that
it would have to cut back its lending later this year.
"We came into this crisis well capitalised thanks to
sound financial policies. We have provided a record USD 105
billion in financial support since the crisis began to bite in
July of 2008.
"This additional capital means that we will be able to
continue to play the role that is demanded of us," he said.
PTI LKJ
MRD


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