David Malpass, POTUS, Donald Trump’s nominee for the top position at the World Bank says China should not be funded by the bank again.
He said China will never be short of loans and source of funds, after revealing his dislike for multilateral companies at the wake of his nomination by Trump.
China holds 4.8% of shares at the World Bank will the US has a lion share of 16.4%, which gives it an edge in the determination of who to lead the bank.
Malpass is ready to spend more funds to help the growth of African and Asian countries in need. The US has expressed concerns about China’s growing prominence in Africa, as it complains about the money being loaned to African companies. The US believes this money cannot be returned to China, leaving these African countries cash-strapped and at the mercy of the world’s most populous nation.
China received $1.8 billion in World Bank loans last year to fund 10 projects, mainly for water and environmental works, according to Forbes.
Since 2010, the World Bank has provided funding for 115 projects in China.
China is also a member of the World Bank. It has a 4.6% voting share compared to 16.8% for the United States, the most by far of any member state.