DUBAI: The World Bank on Friday said it will increase the amount it spends annually on climate-related projects to 45% of its financing over 2024 to 2025, up from 35% now, as part of a policy overhaul to better respond to climate change.

The Washington-based development bank, whose new president Ajay Banga is leading reforms, said it will spend $40 billion, $9 billion more than was previously programmed.

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Founded as World War Two drew to a close to alleviate poverty, under Banga, the bank is seeking to expand programmes to respond to climate change and hunger, while boosting the bank’s lending power with new funding and balance sheet rules.