The World Bank Group says it has responded to the overlapping global crises by deploying $114.9 billion in financing in 2022.
The Bank in its website said in its just completed 2022, from July 1, 2021, to June 30, 2022, it responded with unprecedented scale to overlapping global crises.
It said it provided advice and financing in response to the sharpest economic slowdown in eight decades, rising inflation, deepening food insecurity, war and fragility, and the continued negative impact of the COVID-19 pandemic.
“Amid these devastating crises, the World Bank Group deployed a record $114.9 billion in the year under review.
“Commitments during the year were informed by our knowledge work and helped countries address rising food prices, manage refugee flows, and bolster health preparedness.
“The bank also helped maintain private sector trade, and support efforts to mitigate and adapt to climate change, among others, benefitting especially the poor and most vulnerable.”
The statement quoted the World Bank Group President, David Malpass, as saying “developing countries are facing multiple challenges from war to surging food and energy prices.
“This deepens inequality and leads to reversals in development gains.”
Malpas said the World Bank Group had responded with urgency, scale, and impact.
“We have committed consecutive surges of financing, analytical support, and policy advice.
First in response to the COVID-19 pandemic, and now to address the food crisis, the war in Ukraine, and its spillover effects.”
