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World Bank backs Caribbean’s steady poverty reduction

Jul 28, 2013 News

The World Bank has committed US$11.8 billion in the 2013 fiscal year to support Latin America and the Caribbean resilience in the midst of global turmoil.
The Washington-based financial institution said this includes resources from its International Bank for Reconstruction and Development (IBRD), International Development Association (IDA), International Finance Corporation (IFC) and Multilateral Investment Guarantee Agency (MIGA).
The World Bank said it maintained its strong support for the region, approving US$5.2 billion in new loans in the fiscal year, nearly US$4.8 billion from IBRD and US$435 million from IDA, the bank’s fund for the poorest countries.
“Support was aimed at generating opportunities for all through public and private sector projects that expand public services, improve regional productivity, competitiveness and integration, create new quality jobs and assist those most in need,” it said, disclosing that Latin America and the Caribbean received the largest share of IBRD’s total global new lending at 32 percent, and 16.5 percent of total IBRD/IDA lending.
IFC, which focuses on supporting the private sector, provided a record US$6.5 billion to 129 projects in Latin America and the Caribbean in FY13, the World Bank said.
In the region, IFC clients support about two million women through jobs, education and entrepreneurial opportunities.
It said one in eight people in the region benefit from infrastructure projects supported by IFC, adding that its financial sector clients provided 29 million loans valued at US$217 billion to micro, small and medium enterprises.
The World Bank said supporting smaller economies continues to be a priority for IFC, with US$1 billion invested in Central America and the Caribbean.

 

 

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