The World Bank has approved a first phase of reforms to increase the influence of developing countries within the World Bank Group, including adding a seat for Sub-Saharan Africa to allow developing countries a majority of seats on the Executive Board, and expanding voting and capital shares.
The reforms were initially agreed at the World Bank Groups Annual Meetings in October 2008, ahead of the Spring 2009 target.
– Expanding the developing worlds voice is central to delivering effective aid and promoting shared prosperity and development within a 21st Century economic reality, said World Bank Group President Robert B. Zoellick.
The change brings the share of developing countries in World Bank voting power to 44 percent and is “aimed in particular at adding voice for the low-income countries”.
– Adding another seat for Africa, reaching developing country majority on the board, expanding developing country shares and laying the groundwork for further reforms represent real change. I am pleased our reform process is on track, Zoellick noted.
– I encourage shareholders to take action now on governmental approvals of the voting share changes, and to continue their efforts at further, more ambitious, reforms, Zoellick said.
Kilde: www.worldbank.org
