WB offers $2b quick lending to poor countries
Friday, 12 December 2008
WASHINGTON, Dec 11 (AFP): The World Bank announced yesterday the creation of a two-billion dollar fast-track lending programme to help the world's poorest countries weather the global financial crisis.
The bank's executive board approved Tuesday the creation of the lending facility which will speed up grants and long-term, interest-free loans to 78 poor countries, the development lender said in a statement.
The new programme, the International Development Association (IDA) Financial Crisis Response Fast-Track Facility, allows the World Bank to provide rapid funding for social safety nets, infrastructure, education and health.
The bank's executive board approved Tuesday the creation of the lending facility which will speed up grants and long-term, interest-free loans to 78 poor countries, the development lender said in a statement.
The new programme, the International Development Association (IDA) Financial Crisis Response Fast-Track Facility, allows the World Bank to provide rapid funding for social safety nets, infrastructure, education and health.