World Bank power shifts with capital plan

WASHINGTON, April 26 (UPI) -- Members of the World Bank in Washington agreed to raise its operating capital by $5.1 billion and increase voting power among developing nations.

U.S. Treasury Secretary Timothy Geithner said World Bank President Robert Zoellick made "a strong and compelling case" for the United Stated to increase its contribution to the bank by $586 million over the next five years, The New York Times reported Monday.

"For every dollar the United States contributes to paid-in capital for the World Bank, $26 worth of assistance is delivered," Geithner said.

Zoellick, former U.S. trade representative and the deputy secretary of state under President George W. Bush, said, "As the developing countries gain more shares, they have to pay for them. Part of the good story here is a burden-sharing story."

Developing countries are expected to contribute $1.6 billion to the $5.1 billion capital increase. Their voting power at the bank, as such, would increase from 44.06 percent to 47.19 percent.