On Wednesday, the World Bank laid the foundations for a reform that is supposed to enhance its ability to lend to poor and developing countries and better assist them in facing climate change or epidemics, while the institution will change its president in the coming weeks.

"Member states have agreed to measures that could add up to $50 billion to the lending capacity of the International Bank for Reconstruction and Development (affiliated to the World Bank) in the next ten years," said David Malpass, president of the International Finance Corporation, in a statement published on Wednesday evening.

These changes were approved by the Development Committee of the World Bank and the International Monetary Fund, which includes finance ministers from 25 countries, after a meeting between 13 of them on Wednesday on the sidelines of the spring meetings of the International Monetary Fund and the World Bank.

This is supposed to allow the World Bank to obtain additional financial resources to help poor and developing countries, especially through greater mobilization of private sector funds.

"The importance of concessional resources (loans from the World Bank) and private sector investment has been fully recognized," said David Malpass. "This still falls far short of the resources needed for development and climate, and meeting these needs will require a global effort," he added.

The reform of this ancient institution, which was established at the Bretton Woods Conference in July 1944, and, on a larger scale, the reform of development banks, was launched in October at the push of some member states, especially the United States.

In a separate statement, the UAE Minister of State for Financial Affairs, Mohammed bin Hadi Al-Husseini, Chairman of the World Bank's Development Committee, stressed "the need to do additional constructive work" in order to "cut important milestones" between now and the next meetings of the International Monetary Fund and the World Bank that will be held in October. October in Marrakech, Morocco.

He said the World Bank's board and management would have to finalize "an action plan with detailed actions to be taken".

Until then, additional measures are supposed to be taken at the International Conference on Financial Aid to the Countries of the South, which will be held on June 22-23 in Paris.

This reform comes while a new head of the World Bank is supposed to be appointed before the summer after Malpass's resignation. He has faced criticism for his lack of action on the climate front in particular.

The only candidate to take over the post to succeed him is Ajay Banga, the American-Indian candidate, whom US Treasury Secretary Janet Yellen said is "the appropriate leader (...) to accelerate our work to develop this institution."

On Wednesday morning, Yellen praised "very important achievements," noting, in particular, that "the World Bank's mission has come to stress the importance of involving everyone, continuity, and the ability to withstand global shocks in achieving its goals."

Also, she called for maintaining the momentum this year with "additional reforms".

After the meeting, French Economy Minister Bruno Le Maire affirmed that "with this reform, there is a historic opportunity for multilateral development banks to secure the necessary financial means for developing countries that are at the forefront of those suffering from the economic crisis and inflation."

On the other hand, regarding the long-awaited debt restructuring of low-income countries and emerging countries, the International Monetary Fund and the World Bank announced efforts aimed at accelerating the process and making it more effective.

However, the statement did not specifically mention China, one of the main creditors of these countries, which is accused of lacking transparency and the will to reach a restructuring of these debts.

But Janet Yellen expressed optimism. "We have seen some movement from China regarding participation in Sri Lanka's debt restructuring, and this is a sign of hope," she said in an interview with Agence France-Presse.