World Bank announces US$ 100 billion loan for poor nations

The World Bank made a new financial commitment a mounting to US$ 100 billion over the next three years to rescue poor countries from the adverse effects of the current financial crises, the global bank revealed in a statement. Making the announcement ahead of a G20 summit this weekend, the World Bank Group said its International Bank for Reconstruction and Development could make new financial package, including lending, which "could almost triple to more than US$ 35 billion compared to the US$ 13.5 billion last year." The bank said the increase in financial support would "protect the poorest and most vulnerable from harm, support countries facing big budget short-falls, and help sustain long-term investments upon which recovery and long-term development will depend". "Leaders meeting on Saturday to discuss the global financial crisis must not lose sight of the human crisis. As always, it is the poorest and most vulnerable who are the hardest hit," said World Bank Group President Robert B. Zoellick. "The response to this crisis must be global, coordinated, flexible and fast. While the challenges need to be addressed at the country level, it is more critical than ever that the international community acts in a coordinated and supportive way to make each country's task easier."

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