WASHINGTON--The World Bank has to change with the times in order to spur global development, according to Charles H. Dallara, managing director of the Institute of International Finance Inc., a commercial bank trade group.

At a press conference Tuesday, he said the World Bank should be offering commercial lenders guarantees against political risks in some parts of the world. This would encourage commercial banks to commit to longer-term financing in developing countries.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.