The World Bank has opened its purse strings.

In a statement from the World Bank, it was announced that the minimum equity-to-loan ratio has been reduced from 19% to 18%, and an additional $30 billion in financing will be provided. In an effort to be a better partner to the countries served, it was stated that some fees have been eliminated to facilitate easier repayment of debts, and that lower fees will be charged for loans to smaller countries. The statement emphasized that when these steps are combined, it will be easier to obtain World Bank loans and cheaper to repay them.

OVER $150 BILLION IN ADDITIONAL RESOURCES

The statement also pointed to the World Bank's previous reforms, indicating that the new steps could provide over $150 billion in additional financing within 10 years when combined with previous reforms. In the statement, World Bank President Ajay Banga noted that these new financial measures will increase their lending capacities.