Geithner: Pact agreed on raising fresh capital for the World Bank

WORLD Bank members have agreed to pour more capital into the lender and give developing countries a greater voice in running the bank, US Treasury secretary Timothy Geithner said yesterday.

“We can feel proud that we have concluded agreements on a transformative financial and governance reform agenda, along with new capital for the World Bank and a new and more representative shareholding formula,” Geithner said in a statement delivered to its development committee.

He also said that the United States, which holds the largest voting share in the World Bank at 16.4 per cent, would not seek any increase for itself under a revised voting formula that is to better reflect developing countries' economic heft.