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Britain Edges Out U.S. As Top World Bank Donor

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Overcoming earlier misgivings about its direction and leadership, the World Bank said Friday it had raised $25.1 billion in aid for the world's poorest countries, a record sum that includes donations by China and Egypt, nations that were once recipients of such aid.

For the first time, Britain overtook the United States as the biggest donor, a highly symbolic change given Washington's traditional influence in choosing the bank's president and charting its policies.

Bank officials said the change in rankings was partly due to currency swings, since the dollar has dropped in value against European currencies. But the willingness of the United States to cede its top spot was clearly the most closely watched element of the negotiations held here in Berlin.

Read the whole story at New York Times