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World Bank aiming to boost lending 50% in ten years

The World Bank has announced plans to boost its lending by 50 per cent in the next decade, but reducing costs significantly and loosening its restrictions on the amount of money it can lend.

It is also expected to charge richer nations higher fees for the services it provides, according to sources familiar with the situation.

Unnamed sources told Reuters that the bank's board has signed off on a plan to raise lending by $100 billion earlier this week.

The precise details of the new deal will be completed ahead of the spring meetings of the World Bank and the International Monetary Fund in April.

Under its new strategy the bank will be seeking to boost its overall lending portfolio to keep itself relevant in a more competitive development fund arena.

The $100 billion lending boost will come from the International Bank for Reconstruction and Development, the bank's arm which focuses on the reduction of poverty in middle-income nations, the sources told Reuters.

By Gary Cooper