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World Bank pumps more support for developing countries

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(Globalpost/GlobalPost)

WASHINGTON, July 1 (Xinhua) -- The World Bank said Tuesday that its support for developing countries rose sharply in fiscal year 2014 as it prepared for transition to a new operating model.

The bank provided about 963 loans, grants, equity investments and guarantees to promote economic growth, fight poverty, and assist private enterprise between July 1, 2013 and June 30, 2014, with the total value growing from 52.6 billion U.S. dollars a year ago to 61 billion dollars.

"This tremendous ramp-up in demand for our services comes at a time when the Bank has been undergoing the most fundamental change in a generation," said World Bank President Jim Yong Kim.

The bank's financing for infrastructure is estimated to reach nearly 24 billion dollars in 2014, nearly 40 percent of its total commitments.

Over the last fiscal year, commitments from the International Bank for Reconstruction and Development (IBRD), which provides financing, risk management products and other financial services, reached 18.6 billion dollars, up from 15.2 billion dollars a year ago.

Commitments from the International Development Association (IDA), a World Bank fund that provides low-interest loans and grants for 79 of the world's poorest countries, rose to a record 22.2 billion dollars from 16.3 billion dollars in the previous fiscal year.

Combined IBRD and IDA lending in 2014 is 65 percent higher than pre-crisis levels, with commitments more than 16 billion dollars above fiscal year 2007.

"We continued to push frontier issues and expand our work in challenging environments," said World Bank Managing Director and Chief Operating Officer Sri Mulyani Indrawati.

http://www.globalpost.com/dispatch/news/xinhua-news-agency/140702/world-bank-pumps-more-support-developing-countries