World Bank commits over 57 billion U.S. dollars to developing countries

10:45, July 02, 2011      

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The Washington-based World Bank Group announced Friday that its combined support to developing countries stood at 57.4 billion U.S. dollars in fiscal year 2011, still above pre-crisis levels.

This figure brought the bank's total commitments to 189 billion dollars since the onset of the financial crisis, the bank said in a statement.

With developing countries emerging from the financial crisis in FY11 ending on June 30, 2011, the bank provided an estimated 712 loans, grants, equity investments and guarantees to promote economic growth, reduce poverty and assist private enterprises, said the bank.

"Over the past year, the World Bank Group clearly demonstrated our commitment to support growth and opportunity for our clients even as the reverberations from the global crisis still send shock waves through the world economy," said World Bank Group President Robert B. Zoellick.

"As the multi-speed recovery takes shape, high and volatile food and fuel prices are stirring new challenges, putting vulnerable populations at risk," Zoellick noted, adding that the bank is focusing on areas including targeting the poor and vulnerable, creating opportunities for growth, promoting global collective action and strengthening governance.

Source: Xinhua

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