RIYADH: Saudi Arabia and the World Bank explored areas of cooperation during a high-level meeting, the Saudi Press Agency reported.
World Bank President Ajay Banga called on Crown Prince Mohammed bin Salman on Tuesday.
During the meeting ways to reduce poverty, boost shared prosperity, and promot sustainable development were discussed.
It took place on the sidelines of the first day of the Future Investment Forum and was attended by Commerce Minister Majid bin Abdullah Al-Qasabi and Finance Minister Mohammed Al-Jadaan.
It also witnessed the participation of the governor of the Public Investment Fund, Yasir Al-Rumayyan, and the adviser at the royal Court, Abdulaziz Tarabzouni.
Last month, Banga said proposed new contributions from wealthy countries combined with balance sheet changes could boost the bank’s lending capacity by $100 billion to $125 billion over a decade.
During a Council on Foreign Relations event, Banga noted that these contributions would come outside the bank’s normal shareholding structure and regular country contributions to the International Development Association, which aids the world’s poorest countries.
“I believe that if all this goes through, including the US, we could raise somewhere between $100 billion and $125 billion of extra lending capacity in the bank, which is pretty good. Not enough, but good,” Banga said at the time.
