World Bank to Scale Up Aid to Developing Nations

The World Bank will increase its financial support to governments and the private sector in the developing world following the global financial meltdown, the multilateral lender announced ahead of the G-20 summit scheduled this weekend. The lender’s International Bank for Reconstruction and Development will provide some USD100 billion in fresh funding in the next three years to help close budget deficits and maintain long-term investments in developing countries. Meanwhile, crisis-hit private firms may access around USD30 billion over the next three years under the four new initiatives of the global lender’s International Finance Corp., which include trade finance expansion, bank recapitalization, infrastructure crisis facility and IFC advisory services. (“World Bank Group Boosts Support for Developing Countries” - World Bank, Nov. 11, 2008)

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