World Bank allocates USD 58.8 billion to battle crisis

The World Bank has stated it had allocated a record USD 58.8 billion in the fiscal year just ended as it scrambled to help countries cope with the global economic crisis, AFP reported.

The commitment in the 2009 fiscal year ended June 30 marked a 54 percent rise over the previous year and a record high for the global development institution, the bank said yesterday.

World Bank president, Robert Zoellick stated, ”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. 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”.

For 2009, the bank supported 767 projects to promote economic growth, fight poverty, and assist private businesses. As per a bank statement, ”It included USD 20.7 billion in infrastructure financing, a critical sector to provide the foundation for rapid recovery from the crisis and job creation”. Support for safety nets and other social protection programs totaled USD 4.5 billion.