World Bank Doubles Aid
The World Bank announced yesterday that they will be doubling aid to developing countries and companies based there. This will total approximately $100 billion over the next few years. The hope is that this can counter some of the lingering effects of the financial crisis as it spreads to developing countries.
Excerpts below, full piece here
“Virtually no country has escaped,” World Bank President Robert Zoellick said in a conference call. “In the face of these conditions, we need a global, coordinated, flexible and fast response to this crisis.”
Mr. Zoellick urged government donors to fulfill their pledges for development aid, adding that other countries also can direct funding into one of the IFC’s credit facilities, which lend money to projects in the developing world.
The IFC plans two new funds intended to recapitalize distressed banks and keep infrastructure projects financed. It plans to invest $1 billion over three years in the bank recapitalization fund, with another $2 billion expected to come from investors.
-Chris Scott
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November 12, 2008 at 7:13 pm
This is very good news for the world’s poorest countries, Chris. Thanks for sharing it with us!
ALWAYS FOREVER, ONE – debbie
http://www.mpwn-uganda.org
November 13, 2008 at 7:39 pm
This is probably some of the best news I’ve read lately! I’ve read of so many Americans calling for an isolationism of sorts… suggesting we take time to repair our country. But how great the need is worldwide! Sure, we cannot eat out every day… but billions have nothing to eat at all.
Go world bank!
November 19, 2008 at 12:24 am
Yup. We’re calling for “isolationism” because we know that if our economy fails, there will be less money. Less money is a bad thing. You cannot give from what you don’t have. This clearly isn’t something that ONE.org members understand. ….but you can bet that ONE.org does. Push for more money fellas. Those that think critically understand that few things in life are free. Things of the order and magnetude of the MDG’s are most certainly not free. They have to come from the pockets of workers. American or otherwise, it doesn’t matter. An orginization that would support taking something (in this case, money) and giving it to someone else without concent of those from which said item(s) were taken in guilty of theft. They are indeed vile.