Former World Bank vice president urges countries to direct unused reserves to African Development Bank

Countries such as the USA and Germany can direct their unused reserves to the African Development Bank or the World Bank, which can help overcome global crises, former World Bank Vice President Hafez Ghanem said in his speech at the XII Global Baku Forum, Report informs.

According to him, international financial institutions, including the World Bank, should be more actively involved in solving economic problems:

"Large countries have special assets on their accounts that remain unclaimed. If countries like the USA and Germany transfer these funds to international financial organizations, significant progress can be achieved. Currently, many states are experiencing serious economic difficulties. In particular, two-thirds of African countries spend more money on armaments than on education and healthcare," Ghanem noted.