On Wednesday, September 15, Chairman John Kerry presided over the committee hearing as the multilateral development banks request capital increases. Links to transcripts of the opening statements and testimonies follow.
Senate Foreign Relations Committee examines the MDB reform agenda
Chairman John Kerry presided over the committee hearing as the multilateral development banks request capital increases
Statements
(links to each individual statement below):
Witnesses: expert testimony from (links to each individual testimony below):
- Ms. Marisa Lago, Assistant Secretary of State for International Economics and Development, U.S. Department of the Treasury
- Ian Solomon, U.S. Executive Director, World Bank
- Curtis Chin, U.S. Executive Director, Asian Development Bank
What: Hearing of the U.S. Senate Committee on Foreign Relations – Banking on Reform: Capital Increase Proposals from the Multilateral Development Banks
When: Wednesday, September 15, 2010, 10:00 AM
Where: 419 Dirksen Senate Office Building
Background: At the World Bank/IMF Spring Meetings this past April, World Bank President Robert Zoellick announced the $86.2 billion General Capital Increase request for the institution. As the U.S. government considers its fiscal contribution to the Bank, it is of utmost importance that there is a firm commitment from the institution to investment in renewable, sustainable energy alternatives that adequately address the energy needs of the impoverished.
The World Bank is currently drafting its Energy Strategy, which will guide its substantial energy investment portfolio for the next decade. It is the position of several civil society organizations that the U.S. must assess the World Bank’s commitment to clean energy before approving the considerable tranche.
- For additional information on the World Bank’s General Capital Increase request, click here.
- For a webcast of the hearing, please visit the U.S. Senate Committee on Foreign Relations website.