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The World Bank's $13 Billion Increase In The Right To Vote In China

- Apr 24, 2018 -

The world bank announced that during the spring annual meeting held in Washington on 21 local time, the $13 billion capital increase plan has been overwhelmingly supported by shareholders. The last increase in the world bank took place in 2010. The world bank said in an official website that the $13 billion increase in the capital added $7 billion 500 million and $5 billion 500 million to the international bank for reconstruction and development (IBRD) and international financial companies.

World Bank President Jin Yong said the same day, after the completion of this increase, the average annual loan amount of the world bank can increase from $60 billion in 2017 and the expected $80 billion in 2018 to $100 billion, and continue until 2030.

Kim Yong thanked the shareholders of the world bank for their strong support. He believed that after 3 years of hard negotiations, this is a vote of confidence in the world bank. He said the plan could help the world bank better help poor and vulnerable countries to cope with risks. Apart from that, the world bank is also going to use additional funds to help with urgent problems such as increasing refugees and infectious diseases.

Japan's Kyodo News Agency reported that after the increase, China's voting rights in the world bank rose by 1.26 percentage points, up to 5.71%, up to third, second only to the United States and Japan. The share of the US and Japan declined slightly to 15.87% and 6.83% respectively, but still occupy the first and second positions.

Voting power reflects the influence of Member States on the operation of the world bank. Its share is determined by factors such as the size of the economy and the contribution of various countries to the world bank. According to the rules of the world bank, any important resolution must be decided by more than 85% voting rights, although the United States has a decline in voting rights, but still more than 15%, there is a vote of veto.