World Bank commits 58.8 bln dlrs to battle crisis
The World Bank said Wednesday it had allocated a record 58.8 billion
dollars 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
percent 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 2010, as the pace of
recovery is far from certain," said World Bank president Robert Zoellick.
"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 2009, the bank supported 767 projects
to promote economic growth, fight poverty, and assist private
businesses.
It included 20.7 billion dollars 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
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