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Geithner: 'Compelling Case' for Massive World Bank Funding Boost

U.S. Treasury Secretary Timothy Geithner said Sunday that the World Bank made a "compelling case" for a $3.5 billion funding boost, as he pledged $1.1 billion in U.S. funding. 

"In the past months, the World Bank made a strong and compelling case for a new $3.5 billion capital infusion," he said at a bank meeting in Washington, D.C., describing the institution as indispensable. 

Geithner also said that World Bank members agreed to give emerging nations more say in how the bank is run and how its funds are disbursed. 

"The new formula will better reflect the weight of the developing and transition countries in the global economy, while protecting the voice of the smallest and poorest countries," he said.