Thursday, July 02, 2009

World Bank lending reaches a record high

World Bank lending hit a record high in the fiscal year just ended. The Bank says that they have increased lending in response to the global economic recession. $58.8 billion in loans have been made in the fiscal year 2009, that is a 54 percent increase.

From this AFP story that we found at the Hindustan Times, we find a quote from bank director Robert Zoellick and a further breakdown of the numbers.

"Millions of people are still suffering, and we must continue to help countries safeguard priority expenditures, including on essential infrastructure, investment in human capital, and social safety nets, or we will further jeopardize hard-fought gains over recent years in overcoming poverty," he said.

For 2009, the bank supported 767 projects to promote economic growth, fight poverty, and assist private businesses.

It included $ 20.7 billion in infrastructure financing, a critical sector to provide the foundation for rapid recovery from the crisis and job creation, the bank said in a statement.

Support for safety nets and other social protection programs totaled $ 4.5 billion.

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