Latvia will increase its payment into the International Financial Corporation (IFC) and the International Bank for Reconstruction and Development (IBRD), according to the draft decision prepared by the Finance Ministry and approved by the government today, informed LETA.
The ministry informed that the goal of the World Bank Group is to end extreme poverty and promote shared prosperity in a sustainable way. Since foundation, the World Bank Group’s shareholders have paid USD 19 bn into the capital of IBRD and IFC. Still, it is important to considerably expand the available resources.
The Latvian government supported the Finance Ministry’s proposal that Latvia pays additional USD 4,053,336 in IBRD capital, thus Latvia’s participation in the IBRD capital reaches USD 16,213,344 or 0.073% stake, ensuring 0.098% voting shares. Also, Latvia will pay USD 4,650,000 into IFC capital, and Latvia’s stake in IFC will be 0.08% or 0.11% voting shares.