World Bank document shows 27 countries seeking to ensure access to crisis funds
World Bank document shows 27 countries have moved since the Iran war started to put in place crisis instruments that could quickly access funding from existing World Bank programs. The World Bank document did not name the countries or the total amount of funds potentially being sought. The World Bank declined to comment.
The document showed that 3 countries had approved new instruments since the Middle East conflict began on February 28, while the others were still completing the process. Officials in Kenya and Iraq have confirmed they are seeking rapid financial support from the World Bank to deal with the war's fallout. The 27 countries are among 101 that had access to some form of pre-arranged financing instrument that they could tap in a crisis, including 54 that signed up to the Rapid Response Option, which allows countries to use up to 10% of their undisbursed financing.
World Bank President Ajay Banga last month said the bank's crisis toolkit would allow countries to draw on pre-arranged contingent financing, existing project balances and fast-disbursing instruments to access an estimated $20 billion to $25 billion. He said the bank could also reorient parts of its portfolio to bring the total to $60 billion over six months, with further longer-term changes possible to bring the total to around $100 billion.
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An internal World Bank document shows that twenty-seven countries have moved to put in place crisis instruments. The goal is to quickly access funding from existing World Bank programs - but the reason for the urgency remains unclear.
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