- Friday, April 26, 2024
By: Radhakrishna N S
THE head of the European Bank for Reconstruction and Development (EBRD) has said Britain should demand more senior roles in return for the financial support it provides to the World Bank.
The financial support from the UK is being used to support underdeveloped and developing countries in the world.
The UK is one of the largest fund supplier to the World Bank’s International Development Association (IDA).
IDA is a low-interest loan fund for poor countries, where Britain has just two members representing British interests among the 34 senior management team.
Sir Suma Chakrabarti, 60, president of the EBRD, said: “We should have more senior Britons in the World Bank system. Those are things the UK should be thinking about. It is the biggest IDA donor.”
“One could ask post-Brexit, should Britain be doing more to use the multilateral system to project itself? Development is where we are strong,” the first British president of the EBRD added.
Britain spends £14 billion a year for humanitarian aid and development projects in poor countries. It pledged £3.3bn in the 2017 IDA round, which lasts three years, making it the largest individual donor, ahead of the US.
After a round of IDA discussions at the World Bank recently, Alok Sharma, international development secretary, said: “The World Bank must prioritise fighting climate change, investing in quality infrastructure, improving the rights of women and girls, and giving a lifeline to people living in conflict zones.”
Britain is one of the major countries that supports development at the world level as it has an expertise in the field.
The UK may face stiff competition from the EU after Brexit when it comes to financial support for the poorest countries in the world.
The funds will buy the UK influence during the IDA replenishment process. The next three-year IDA round is being negotiated, and the British government wants action on climate change, private sector development.
Britain is also asking the World Bank to beef up its presence in countries which witness conflicts.
