World Bank in talks with dozens of countries about crisis aid
The World Bank is in discussions with 30 to 40 countries about potential crisis aid to help them manage energy shocks and price increases triggered by the war in the Middle ‌East, its president, Ajay Banga, told Reuters in an interview.
The World Bank is engaged in conversations with 30 to 40 countries about potential crisis aid to help manage energy shocks and price increases caused by the war in the Middle East. Despite a $25 billion initial funding window, few countries have utilized the funds, but a surge in diesel and fertilizer prices, along with the looming El Nino weather effect, is adding to challenges for developing nations.
The World Bank anticipates more countries will seek aid in the coming months, with funds potentially reaching $50 to $60 billion. Prior to the war, the bank attracted a record $112 billion in private capital in 2023, with the majority of investments going to upper-middle-income countries like Argentina and India, and lower-middle-income countries such as Bangladesh and Angola.
However, more effort is needed to boost private capital in low-income countries. The bank and IMF are collaborating to address high debt levels among developing nations through initiatives like debt-for-development swaps and a portfolio-based guarantee.
Written by urgent.news from Bangkok Post Business's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
Also reported by 1 other outlet
- World Bank in talks with dozens of countries about crisis aid bangkokpost.com
