The World Bank is willing to improve its governance structure and to better help developing countries, Managing Director of the World Bank Ngozi Okonjo-Iweala said on Wednesday.
Speaking at a UN conference on how international financial institutions can be reformed to better reflect the current economic landscape, which opened here on Wednesday morning, Okonjo-Iweala said that the World Bank is willing to address its often criticized governance structure.
"The demand for more voice and participation in the governance.is perfectly fine, and we at the World Bank are working on it," Okonjo-Iweala, the first female to serve as former finance minister and foreign minister of Nigeria, told Xinhua in an exclusive interview after she spoke at the UN conference on the economic and financial crisis.
Despite bearing the brunt of the economic crisis, developing countries have the least say on conditions attached to development financial agreements at the World Bank and the International Monetary Fund.
Emerging countries also feel ignored. Brazil, Russia and China have all called for greater representation at the Bank.
Reacting to a storm of criticism since the financial crisis hit last year, President Robert Zoellick in 2008 created a commission chaired by former Mexican President Ernesto Zedillo to assess the Bank's governance structure.
Okonjo-Iweala was quick to say that African countries now have a seat at the Bank's table to increase their vote.
While the Bank's management would like to see greater structural changes made, Okonjo-Iweala said it is ultimately up to the shareholders to decide how to make representation more equitable.
And of course, until certain developed countries loosen their grip on the international financial institutions, it will be harder for others to pick up the reins.
Indeed, change in the international financial architecture is hard to come by despite UN efforts. At the conference, only 14 heads of state and government made an appearance -- out of 192 counties.
Asked if Zoellick's absence at the conference was a snub at the UN, Okonjo-Iweala replied "absolutely not."
"If you look at representation from other countries and from other entities, the World Bank sent a very high-level delegation," she said.
Commenting on China's role, she praised Beijing on its assistance to low-income countries, saying China is well-suited to champion their cause.
"We're grateful for what China has done for the (World Bank's) International Development Association but we think it can do more," Okonjo-Iweala said.
As an economic "heavyweight," China can elicit greater attention to the needs of low-income countries, which would then "push developed countries to do more," she added.