World Bank agrees vote shift, China gains clout

WASHINGTON (BestGrowthStock) – The World Bank on Sunday agreed to give emerging economies greater influence in the institution, a shift that puts China third in voting power behind the United States and Japan.

The agreement will increase the votes of developing countries by 3.13 percent, contributing $1.6 billion to World Bank resources. In addition, members agreed to a capital increase of $3.5 billion for the bank — the first in more than 20 years.

(Reporting by Lesley Wroughton; editing by Patrick Graham)

World Bank agrees vote shift, China gains clout