World Bank posts record private capital mobilization

The World Bank announced Thursday that it had mobilized a record $112 billion in private capital for developing countries last financial year, with its chief lauding the approach as "adding another arrow to the quiver" of the world's largest development lender.

Private capital mobilization increased by more than 60 percent from the year before and was almost level with the World Bank Group's own lending, according to official data. Speaking to an interview at the World Bank's headquarters in Washington, Group President Ajay Banga said the focus on private capital mobilization reflected a stark reality: donors did not have the funds to meet the world's development needs.