World Bank to lend record $100 billion to developing countries
08 Apr 2010
The World Bank has committed a record $100 billion in financial support to developing countries to help their economies in the global economic crisis, the multilateral lending institution said on Wednesday.
The bank increased lending in July 2008 at the instance of member countries who insisted that the bank increase lending to developing countries in the wake of the worsening world recession and the sharp downturn in global trade.
Since the onset of the crisis in 2008, the bulk of the lending has gone to middle-income countries that struggled to borrow on global financial markets. Typically, lending to the countries had averaged $15 billion a year before the crisis.
Meanwhile, loans and grants through the bank's fund for the world's poorest countries hit by the global financial crisis touched $21.2 billion against around $12 billion a year prior to the crisis.
World Bank director for country services Kyle Peters said such demand was natural for countries facing economic troubles.
Peters told a news agency that a lot of countries want to ensure the expansion of the social safety net in terms of the amount of support and the number of people who wanted to avail the same.