Bank Group steps up lending to address global challenges
WASHINGTON, July 12, 2016—As developing countries face continuing economic headwinds, World Bank Group commitments grew to more than $61 billion in loans, grants, equity investments and guarantees supporting countries and private businesses in fiscal year 2016 (July 1, 2015 – June 30, 2016).
“In a world where risks are multiplying – slower global growth, increasing numbers of forcibly displaced people, and abrupt changes in the environment due to climate change – low- and middle-income countries are asking us for more help,” said World Bank Group President Jim Yong Kim. “We’re encouraged that countries are turning to the World Bank Group for assistance. We’ll continue to meet the growing demand for innovative financial tools, leveraging donor funds into much larger low-interest loans, and our global knowledge to help countries address their most challenging issues.”
Commitments from the International Bank for Reconstruction and Development (IBRD)—which provides financing, risk management products, and other financial services to countries—hit $29.7 billion, up sharply from the previous year. Commitments from the International Development Association (IDA), which provides interest-free loans and grants to the world’s 77 poorest countries, totaled $16.2 billion in concessional financing in FY16.