World Bank to streamline loan, investment guarantees with $20 bln annual goal

The World Bank Group said on Wednesday it would consolidate its loan and investment guarantee structure as part of its goal to triple its annual guarantees to $20 billion by 2030 to boost private renewable energy investments in developing countries.

The reforms, announced on the sidelines of a G20 finance leaders meeting in Sao Paulo, Brazil, would move all of the guarantee experts from across the World Bank's business units into a single platform.

The bank said the changes, to start on July 1, would provide "a seamless experience for clients and easier access to the full suite of guarantees."

The World Bank Group currently guarantees about $6.8 billion worth of loans and investment contracts annually across its business units, including the Multilateral Investment Guarantee Agency (MIGA), the private-sector International Finance Corp and its main International Bank for Reconstruction and Development lending arm.