Development banks must evolve (opens in new tab)

Multilateral development banks (MDBs), chief among them the World Bank, were established to provide capital to developing countries that couldn't raise it at home or on affordable terms abroad. For decades, they filled that gap. But as more countries move from low- to middle-income status (according to the World Bank's classification), and the global financial environment becomes more challenging, the role of MDBs must evolve, too.