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Summary
The World Bank decided to increase Beijings voting power behind only the United States and Japan in the international lending body.World Bank agreed to boost Chinas voting share to 4.42 percent, giving it the third biggest. World Bank member states supported capital increases that will provide $5.1 billion in cash. The 186 members agreed to provide $3.5 billion to the bank's unit that lends to governments, the first general increase in 22 years. Another $1.6 billion from developing nations will boost their voting powers, enabling China to leapfrog countries such as Germany and Britain to become the third-largest shareholder behind the US and Japan.Zoellick called the capital increase a strong vote of confidence by the world's development and finance ministers, who met in Washington to seal the deal. The extra money meant the bank no longer faced the prospect of cutting back lending this year, he said.
