WASHINGTON, September 17, 2008: The World Bank Group increased support to the developing world by 3.9 milliard US dollar —11 per cent 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 for the world’s poorest countries, and stepping up efforts to stimulate job growth and foreign direct investment during the Bank’s 2008 fiscal year, which ended June 30.
– In a year that saw rising food and fuel prices become the harsh new reality, the 38.2 milliard US 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.
