World Bank President Ajay Banga said on Friday the development lender will devote 45% of its annual financing to climate-related projects by 2025, up from a target of 35%, and extend debt repayment pauses following climate disasters.
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    DUBAI, Dec 1 (Reuters) - World Bank President Ajay Banga said on Friday the development lender will devote 45% of its annual financing to climate-related projects by 2025, up from a target of 35%, and extend debt repayment pauses following climate disasters.

    Under the plan, he said that resources would be deployed equally for climate mitigation and adaptation in both the bank’s main lending arm, the International Bank for Reconstruction (IBRD) and Development, and its fund for the poorest countries, the International Development Association (IDA).

    The clauses provide for a suspension of repayments in the event of climate-related disasters such as cyclones or floods that can sap countries’ resources.

    Banga said that such pauses would now cover not only the principal repayments but also debt interest payments, leaving leaders to focus on maintaining access to food, water, power and other recovery efforts.

    Founded as World War Two drew to a close to alleviate poverty, the bank is seeking under Banga to expand programmes to respond to climate change and hunger, while boosting its lending power with new funding and balance sheet rules.

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