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blank.gif (49 bytes)29/07/1999, updated at 16:00        blank.gif (49 bytes)weather.gif (982 bytes)archive.gif (946 bytes)search.gif (947 bytes)

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World Bank Lending Hits New Record in Fiscal 1999

  New lending commitments from the World Bank to client countries were up in fiscal year 1999, which ended on June 30, reaching a record US$29 billion, with disbursements at US$24 billion, the bank reported on Tuesday.

  The figures include both the market-rate loans made by the International Bank for Reconstruction and Development (IBRD) and the concessional loans made to the world's poorest countries through the International Development Association (IDA). Both IBRD and IDA are members of the World Bank Group.

  IBRD loan commitments in fiscal 1999 amounted to US$22.2 billion for 131 projects, compared with US$21 billion for 151 projects in fiscal 1998. IDA commitments were US$6.8 billion for 145 projects in fiscal 1999, compared with US$7.5 billion in fiscal 1998.

  IBRD/IDA combined gross disbursements during fiscal 1999 were US$24 billion, compared to nearly US$25.5 billion in fiscal 1998. IBRD gross disbursements totaled US$18 billion, compared with 19.8 billion dollars in fiscal 1998. IDA gross disbursements in fiscal 1999 rose to US$6 billion, compared with US$5.6 billion in the previous fiscal year.

  Overall, the East Asia and Pacific region received the most in new lending -- US$9.76 billion in new IBRD/IDA commitments for 55 projects -- US$8.75 billion from IBRD and US$1.01 billion from IDA. The region received US$9.62 billion from IBRD/IDA in fiscal 1998.

  While lending commitments were on the rise, overall lending quality also improved, the bank said (Xinhua)

Economicnews 1999-07-29 Page7

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