World Bank Group Increases Support for Developing Countries by 11 per cent in 2008
Highlights:
– World Bank Group commits 38,2 billion US dollar to developing countries in fiscal year 2008
– Some 670 projects are aimed at overcoming poverty and boosting growth
– Loans, credits and grants for Africa hit a record 7,3 billion dollar
WASHINGTON D.C. 17 September, 2008: The World Bank Group increased support to the developing world by 3,9 billion dollar – 11 percent – over 2007 levels as global challenges mounted in 2008.
Efforts included spearheading a drive to deliver funds rapidly to nations hit by food price shocks, replenishing the fund (IDA) for the worlds poorest countries, and stepping up efforts to stimulate job growth and foreign direct investment during the Banks 2008 fiscal year, which ended June 30 this year.
– In a year that saw rising food and fuel prices become the harsh new reality, the 38,2 billion dollar provided by the World Bank Group to developing countries helps create development solutions so people can have the opportunity and means to improve their lives, says World Bank Group President Robert B. Zoellick.
The World Bank Group includes the International Bank for Reconstruction and Development (IBRD), International Development Association (IDA), the International Finance Corporation (IFC), and the Multilateral Guarantee Agency (MIGA).
The institutions work together and independently to eliminate poverty, foster growth, and ensure that development is inclusive and sustainable.
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