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WB commits US$72.2 bln for developing nations
  • | VNA | July 04, 2010 11:42 AM

The World Bank (WB) Group said on July 1 it committed US$72.2 billion in fiscal year 2010, an unprecedented level of assistance for developing countries as the world faces a fragile and uneven recovery.

In fiscal year 2010, which ended on June 30, the WB Group supported an estimated 875 projects to promote economic growth, reduce poverty, and promote private enterprises, with record commitments in education, health, nutrition, population, and infrastructure providing much-needed investments in crisis-hit economies.

This assistance was provided in loans, grants, equity investment and guarantees to help countries and private businesses contending with significantly diminished private capital flows in the wake of the global downturn.

Commitments from the International Bank for Reconstruction and Development (IBRD) - which provides financing, risk management products, and other financial services to countries - hit an unprecedented US$44.2 billion, up sharply from the previous record of US$32.9 billion in fiscal year 2009.

Commitments from the International Development Association (IDA), which provides interest-free loans and grants to the world’s 79 poorest countries, rose to a new record high of US$14.5 billion in fiscal year 2010, from US$14 billion the previous fiscal year.

The International Finance Corporation (IFC), the largest provider of multilateral financing for the private sector in developing countries, provided a record amount of financing to businesses in developing countries, strengthening their ability to cope with uncertain global economic conditions.

Preliminary and unaudited data as of June 29 indicated IFC investments totalled almost US$18 billion, marking an increase from US$14.5 billion in fiscal year 2009.

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