August 1, 2002
The global economic slowdown, a series of financial crises and the rebuilding of Afghanistan have increased the amount of money being lent by the World Bank.
The Bank's loans to developing countries rose to $19.5bn in the financial year that ended in June, 13% higher than a year earlier.
Turkey was the top borrower in the aftermath of its financial crisis, more than doubling the Bank's hand-outs to the European and Central Asian region.
In sharp contrast, the tough stance adopted with Argentina following its meltdown meant that overall financing to Latin America eased by 18%.
Unlike the International Monetary Fund (IMF), its sister organisation, the World Bank does not provide macro-economic support, instead targeting lending at projects on the ground.
Debt relief
There was no significant increase in the amount of money given to Sub-Saharan Africa under the bank's interest-free loans scheme.
But the IMF-World Bank joint programme to reduce the debt burden on the poorest countries, led to more than 20 African countries qualifying for debt relief.
That is eventually expected to release about $40bn of financing for development purposes, according to the World Bank.
"Whether by providing a safety net for the Caribbean tourism industry, or committing grants to get reconstruction underway in Afghanistan, the World Bank is striving to help the poorest in this difficult period," said Bank president James Wolfensohn.
More Information on the World Bank
More Information on the Three Sisters and other Institutions
FAIR USE NOTICE: This page contains copyrighted material the use of which has not been specifically authorized by the copyright owner. Global Policy Forum distributes this material without profit to those who have expressed a prior interest in receiving the included information for research and educational purposes. We believe this constitutes a fair use of any such copyrighted material as provided for in 17 U.S.C § 107. If you wish to use copyrighted material from this site for purposes of your own that go beyond fair use, you must obtain permission from the copyright owner.
