Joseph Inokotong, Abuja
World Bank Group commitments to help countries achieve better development outcomes have hit $59.5 billion in fiscal year 2019, which ended June 30.
The bank said “these investments, together with World Bank Group advisory and analytical support, help countries seek improvements in growth, jobs, poverty reduction, governance, human capital, infrastructure and debt transparency, with increased commitments related to climate and environment, improving conditions for women and girls, and helping in fragile and conflict-affected states”.
According to its President, David Malpass, preliminary and unaudited figures as of July 8 indicate that long-term finance from International Finance Corporation (IFC) excludes about $10.2 billion in 2019 and $11.7 billion in 2018 in funds mobilised from other investors.
“Across IBRD/IDA, IFC, and MIGA, we are sharpening our focus on stronger country programmes to improve growth and development outcomes. We are increasing our support for countries at lower levels of income and fragile and conflict-affected states.
“We’re increasing our lending, financing and guarantees where it will support outcomes that raise living standards in countries that need it the most. The aim is to effectively address issues central to our poverty and prosperity mission, taking account of the global slowdown in growth, the surge in debt that is not bringing true benefits, the severe deficits in clean water, electricity, health and education, the impacts of climate change, and many other challenges to achieving gains for the poor,” said the World Bank President.
The bank reports that support to countries from the International Bank for Reconstruction and Development (IBRD) rose to $23.2 billion in 2019, up from $23 billion in the previous fiscal year.
It added that during the fiscal year, IBRD began the implementation of the capital increase, including the introduction of an annual sustainable lending limit, and issued $54 billion in bonds in 27 currencies to fund programmes that promote inclusive growth and policy reforms to improve living standards in middle-income countries.