With China in mind, G20 agrees to boost lending at India summit

Bloc of major economies hopes financing will enhance influence in Global South

Demonstrators protest on top of a police tear gas truck after they entered the Presidential Secretariat premises, after President Gotabaya Rajapaksa fled, amid the country's economic crisis, in Colombo, Sri Lanka, on July 9, 2022. © Reuters

SAYAN CHAKRABORTY, Nikkei staff writer

September 10, 2023 12:45 JST

NEW DELHI -- The Group of 20 countries have agreed to work on expanding the lending capacity of multilateral development banks (MDBs), particularly the World Bank, in a move that could balance China's growing financial influence over developing economies -- many of which are reeling from debt.