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WB provides $10.47bln to Emerging Europe and Central Asia

13 July 2012

http://www.panarmenian.net of 7/12/2012 - The World Bank Group provided US $10.47 billion in funding to governments in Emerging Europe and Central Asia (ECA) in fiscal year 2012, which ended on June 30, amid uncertainty in the Eurozone and modest growth.

"Countries in Emerging Europe and Central Asia continue to face the challenge of sustainable recovery," said Philippe Le Houérou, World Bank Vice President for the Europe and Central Asia region. "The crisis is harming the region through three main channels - finance, trade and workers' remittances. The World Bank is supporting countries in their efforts to strengthen their economic structures, providing financial support to governments to improve public services, strengthen banking systems, and protect the most vulnerable from the impact of the crisis."

The recently published Global Economic Prospects report highlights that growth in the region should slow in 2012 to 3.3 percent, assuming a resolution of the Euro Area crisis by end-2012. Bank support in ECA reached $6.6 billion this fiscal year, including $6.2 billion from the International Bank for Reconstruction and Development (IBRD) and $362 million from the International Development Association (IDA). Romania ($1.9 billion), Turkey ($1.1 billion), Kazakhstan ($1.1 billion) and Poland ($1 billion) were the largest borrowers. Lending was targeted in supporting three regional pillars: deepening reforms for improved competitiveness, supporting social sector reforms for inclusive growth, and helping countries take action for greening growth trajectories.

The International Finance Corporation (IFC) this year continued to maintain a focus on investing in strategic areas. In FY12, IFC committed $4.28 billion, including $1.3 billion in syndicated loans and other mobilization, in 114 projects across the region. In this fiscal year, IFC commitments in ECA on its own account only were $2.98 billion.

During fiscal year 2012, the Multilateral Investment Guarantee Agency (MIGA) provided support for 18 projects with $928 million in political risk insurance coverage in Europe and Central Asia.