Alongside its core work of lending to low- and middle-income countries, the World Bank has a significant off-balance sheet side hustle — trust funds.
The multilateral development bank currently administers some 360 such funds, which, in 2022, accounted for approximately $14 billion.
The biggest and most well-known are Financial Intermediary Funds, or FIFs, and include the Global Environment Facility, the Climate Investment Funds, and the Global Fund to Fight Aids, Tuberculosis and Malaria. But they come in all shapes and sizes. The bank also administers a more significant number of smaller, single-donor trust funds.