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International Monetary Fund officials hold a press briefing during the World Bank and IMF's 2018 Spring Meetings in Washington, D.C., on April 17, 2018. Photo: Saul Loeb/AFP via Getty Images

Last week, the Financial Times reported that the Trump administration will support a $13-billion capital increase to the World Bank. The announcement is expected to be made at the World Bank's spring meetings with the International Monetary Fund in Washington, D.C., later this week.

Why it matters: The spending increase is good news for the world's lowest-income countries, and marks an unexpected turn from the Trump administration’s isolationist agenda.

The increase will be split two ways: $7.5 billion to the International Bank for Reconstruction and Development, which provides long-term, low-interest loans to developing countries to support projects ranging from government institutions to critical infrastructure; and $5.5 billion to the International Finance Corporation, which lends to the private sector in those countries.

While not guaranteed, the capital increase is expected to lead to an increase in low-interest lending to the world's poorest countries, 39 of which are in Africa, and fewer loans, possibly with stricter terms, for middle-income countries such as China. In return, China will see its share in the Bank rise from 4.68 %to 6% (the U.S. has a 16% share, making it the largest shareholder). The increase might also be used to fund grants and more generous loans to African countries, which are at risk of being highly indebted.

The bottom line: Investment in strengthening systems and providing basic public services, such as health care and education, is driven by governments and not particularly attractive to the private sector. For that reason, this deal could be a boon to poor, fragile and post-conflict countries, where the share of people living in extreme poverty is poised to rise to 60% by 2030.

Tanvi Nagpal is acting director of the International Development Program and practitioner in residence at Johns Hopkins SAIS.

Go deeper

Scoop: CIA director Gina Haspel almost resigned over plan to install Kash Patel as deputy

Photo: Win McNamee/Getty Images

CIA Director Gina Haspel almost resigned in early December after President Trump cooked up a hasty plan to install loyalist Kash Patel, a former aide to Rep. Devin Nunes (R-Calif.), as her deputy, according to three senior administration officials with direct knowledge of the matter.

Why it matters: The revelations stunned national security officials and almost blew up the leadership of the world's most powerful spy agency. Only a series of coincidences — and last minute interventions from Vice President Mike Pence and White House Counsel Pat Cipollone — stopped it.

Updated 2 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Health: Coronavirus deaths reach 4,000 per day as hospitals remain in crisis mode — CDC warns highly transmissible coronavirus variant could become dominant in U.S. in March.
  2. Politics: Biden says, "We will manage the hell out of" vaccine distribution — Biden taps ex-FDA chief to lead Operation Warp Speed amid rollout of COVID plan — Widow of GOP congressman-elect who died of COVID-19 will run to fill his seat.
  3. Vaccine: Battling Black mistrust of the vaccines"Pharmacy deserts" could become vaccine deserts — Instacart to give $25 to shoppers who get vaccine.
  4. Economy: Unemployment filings explode againFed chair: No interest rate hike coming any time soon —  Inflation rose more than expected in December.
  5. World: WHO team arrives in China to investigate pandemic origins.

NRA declares bankruptcy, says it will reincorporate in Texas

Wayne LaPierre of the National Rifle Association (NRA) speaks during CPAC in 2016. Photo: Saul Loeb/AFP via Getty Images

The National Rifle Association said Friday it has filed for Chapter 11 bankruptcy and will seek to reincorporate in Texas, calling New York, where it is currently registered, a "toxic political environment."

The big picture: The move comes just months after New York Attorney General Letitia James filed a lawsuit to dissolve the NRA, alleging the group committed fraud by diverting roughly $64 million in charitable donations over three years to support reckless spending by its executives.