The World Bank said on July 1 that it committed 58.8 billion dollars in fiscal year 2009 to help countries struggling amid the global economic crisis, a 54 percent increase over the previous fiscal year and a record high for the global development institution.
In fiscal year 2009 (July 1, 2008June 30, 2009), the World Bank supported 767 projects to promote economic growth, fight poverty, and assist private businesses, including 20.7 billion dollars in infrastructure financing, a critical sector to provide the foundation for rapid recovery from the crisis and job creation.
This support was provided in loans, grants, equity investments and guarantees to help countries and private-sector firms deal with the devastating effects of the global financial meltdown, the World Bank said in a statement.
"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 Group President Robert B. 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 added.
