The World Bank and Japan will launch a new fund to provide capital to banks in emerging countries struggling to cope with the global financial crisis, the multilateral institution said Monday. The International Finance Corporation (IFC), a World Bank arm, and the Japan Bank for International Cooperation (JBIC) signed the launch agreement. JBIC Chief Executive Officer Hiroshi Watanabe and IFC Chief Executive Officer Lars Thunell signed the accord in a ceremony at JBIC headquarters in Tokyo. JBIC will contribute USD 2 billion to the fund, while IFC will provide USD 1 billion.
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