BAKU, Azerbaijan, April 3. The World Bank (WB) has approved $11.3 billion in loan financing for 50 operations in Europe and Central Asia in fiscal year 2023, Trend reports.
According to World Bank data, this includes $10.2 billion
reserved by the IBRD (International Bank for Reconstruction and
Development) and $1.1 billion reserved by the IDA (International
Development Association), a large increase from previous years.
In addition, the World Bank granted 20 fee-based advisory service
deals with five countries totaling $34 million.
"We remain committed to building resilience to crises and addressing existing challenges to protect and strengthen the foundations of future prosperity. Priorities for our engagement with countries include accelerating human capital development, skills development, and social inclusion, promoting the transition to a green economy and climate resilience, fostering private sector development and job creation, and improving the effectiveness of institutions," the WB informed.
The Bank notes that the following disbursements were provided to countries in the Europe and Central Asia region between 2021 and 2023:
IBRD: $3.6 billion in 2021, $4.5 billion in 2022, and $4.8 billion in 2023; IDA: $880 million in 2021, $764 million in 2022, and $2.3 billion in 2023.
To note, the World Bank Group's mission is to sustainably achieve two fundamental goals: eradicating extreme poverty and accelerating shared prosperity by promoting sustainable, resilient, and inclusive development.
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