WB allots US$58.8b to battle global crisis

WASHINGTON: The World Bank said on Wednesday it had allocated a record US$58.8 billion (K157.43 billion) in the fiscal year just ended as it scrambled to help countries cope with the global economic crisis.
The commitment in the 2009 fiscal year ended June 30 marked a 54% increase over the previous year and “a record high” for the global development institution, the bank said.
“Requests for assistance from the World Bank Group rose sharply this year, and we expect this to continue well into next year, as the pace of recovery is far from certain,” World Bank president Robert Zoellick, said.
“Millions of people are still suffering, and we must continue to help countries safeguard priority expenditures, including on essential infrastructure, investment in human capital, and social safety nets, or we will further jeopardize hard-fought gains over recent years in overcoming poverty,” he said.
For this year, the bank supported 767 projects to promote economic growth, fight poverty, and assist private businesses.
It included US$20.7 billion (K55.42 billion) in infrastructure financing, a critical sector to provide the foundation for rapid recovery from the crisis and job creation, the bank said in a statement. – AFP 6 July 2009