World Bank directs $34.3 bln in 2007 to boost growth |
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| http://en.youth.cn
2007-09-05 10:45:00
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| The World Bank Group said on Tuesday September 4th it committed 34.3 billion U.S. dollars in fiscal year 2007,ending June 30, to boost growth and overcome poverty in the world.
The financial support for developing countries in 2007 was up 2.7 billion dollars, or 7.8 percent from fiscal year 2006, said a statement released by the World Bank.
The recipients are using these funds in more than 620 projects designed to overcome poverty and enhance growth -- for example, by improving education and health services, promoting private sector development, building infrastructure, and strengthening governance and institutions, said the report.
But World Bank Group President Robert B. Zoellick also warned that the World Bank could and should do more to help developing countries move from poverty to prosperity.
"Given the great needs among diverse developing countries, the World Bank Group can make its capital work for people by creating development solutions for all. That would help advance an inclusive and sustainable globalization," he said.
The World Bank Group institutions contributing to this financial outcome are: the International Bank for Reconstruction and Development (IBRD), which provides financing, risk management products, and other financial services to members; the International Development Association (IDA), which provides interest-free loans and grants to the poorest countries; the International Finance Corporation (IFC), which makes equity investments, and provides loans, guarantees and advisory services to private-sector business in developing countries; and the Bank Group's political risk insurance agency, the Multilateral Investment Guarantee Agency (MIGA).
IDA commitments were 11.9 billion dollars, 25 percent higher than the previous year, and the highest in IDA's history. IBRD commitments in FY07 totaled 12.8 billion dollars.
IFC committed 8.2 billion dollars for private sector development in developing countries, an all-time high, which topped last year's total by 1.5 billion dollars -- 3 billion dollars of the total, went to IDA countries. Of MIGA's 1.4 billion dollars in guarantees, 387 million dollars went to projects in IDA countries. MIGA's exposure in IDA countries now stands at 41 percent of its portfolio.
In addition, IBRD carried out 5.4 billion dollars in interest rate and currency risk management transactions on behalf of its members. This is an increase of more than three-fold over totals for the past several years and highlights the expanding portfolio of financial services we offer.
Financial commitments provided by the World Bank Group to the countries of sub-Saharan Africa increased by 1.8 billion dollars in 2007 to 7.5 billion dollars.
While many challenges remain in Africa, there have been clear signs of progress, according to Obiageli Ezekwesili, Vice President for Africa.
"We are now seeing increases in African countries' per capita income consistent with those of other developing countries and African countries have made great strides in expanding access to health and education," she said. "African leaders are well aware of the support that IDA provides and this is why they are strong supporters of a robust replenishment of IDA this year." |
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| source : Xinhua
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