The Council of Ministers authorized Friday the participation of Spain in the general and selective capital increases of the International Bank for Reconstruction and Development (IBRD), of the World Bank Group, for amounts of 105.989.911 dollars (94.385.200 euros) and 31.435.068 dollars (27.993.300 euros), which amount to more than 122 million euros.
This capital increase is part of Spain’s commitment to the Sustainable Development Goals of the UN 2030 Agenda.
The Spanish economic and financial cooperation for development is channeled, among other instruments, through the Multilateral Financial Institutions (MFIs) of which Spain is a member. Thus, the contributions of donor countries to MFIs are an essential element for financing the development of the poorest countries and with worse access to capital markets.
The World Bank (WB) together with the IMF is part of the institutional core of global governance. In addition to its leadership in policies and financing for international development cooperation, the World Bank plays a key role in coordinating the response to major challenges such as the fight against climate change, migration, the management of natural or financial crises or the gender gap, among others.