WASHINGTON, June 29 (Xinhua) — The World Bank announced on Friday that it committed 52.6 billion U.S. dollars to help promote economic growth, overcome poverty, and bolster economic enterprise in developing countries during fiscal year 2012, which ends on June 30.
The financial support is provided in the forms of loans, grants, equity investments and guarantees.
“As developing countries face strong economic headwinds, the Bank Group supported an estimated 884 operations to promote opportunity and get needed services to the poor,” the Bank said in a statement.
The Washington-based global institution recently lowered its growth forecast for 2012 to 5.4 percent for developing countries, and noted that developing country budgets and central banks are not as well placed as they were in 2008 and 2009 to address slowing economies. Their ability to respond may be constrained if international finance dries up and global conditions deteriorate sharply.
“The Bank is well positioned for future challenges,” said World Bank President Robert Zoellick, whose term ends at the close of the fiscal year 2012.
“Just as important as the finance is our ability to work with countries — both the public and private sectors — as clients and to customize our services to address their problems,” he added.
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Editor:Bai Yang |Source: Xinhua