The World Bank Group said on Thursday it can support client governments as they take care of challenges brought on by the Middle East conflict, including increases in energy costs, by leveraging fast-disbursing policy financing instruments.
The event lender said in an announcement it was able to respond at scale with immediate financial relief, policy expertise and personal sector support to preserve jobs and growth in affected countries.
“Our aim is to deliver immediate relief by leveraging our lively portfolio, our crisis response toolkit, and pre-arranged financing facilities,” the World Bank Group said.
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“We’ll transition progressively to fast-disbursing instruments anchored in sound policies to underpin recovery. Through our private sector arms, we’ll provide firms with essential liquidity, trade finance, and dealing capital,” the bank added.
The World Bank also used fast-disbursing policy development lending facilities to hurry a whole bunch of billions of dollars in relief to developing countries affected by the pandemic in exchange for progress from governments on meeting certain reform targets.
The World Bank said it was keeping in direct contact with essentially the most affected client countries.
“Shipping route disruptions are increasing costs, and provide risks are spreading from energy into fertilizers and other critical agricultural inputs,” the World Bank said.