The World Bank Group kicked off fiscal year 2015 with some good news: Amid much-discussed institutionwide reforms, including a new operating model that is supposed to reduce inefficiencies within the organization, bank commitments increased from $52.6 billion in fiscal 2013 to $61 billion in fiscal 2014.
The 16 percent rise can be attributed to the higher commitments from three different institutions within the World Bank Group: the International Bank for Reconstruction and Development, the International Development Association and the Multilateral Investment Guarantee Agency.
Commitments from the IBRD — which provides loans, guarantees, risk management products and advisory services to middle-income and creditworthy poorer countries — rose 22 percent, from $15.2 billion in fiscal 2013 to $18.6 billion in fiscal 2014.
The IDA, or the bank’s main arm for lending to the world’s poorest countries, saw a 36 percent increase in commitments. From $16.3 billion in 2013, IDA commitments surged to $22.2 billion in 2014. Since 2014 was the last year under the IDA-16 replenishment period — which resulted in $49.3 billion in donor contributions for fiscal years 2012 to 2014 — all remaining IDA-16 resources were committed during the 2014 fiscal year.