The World Bank Group (WBG) has extended finance support worth $84.3 billion in fiscal year (FY) 2021, 15 percent higher than FY2020, in response to the COVID-19 pandemic and its related repercussions.
In its report on FY2021 (1 July 2020 to 30 June 2021), the WBG said the support included $4.7 billion in newly approved financing for rolling out and distributing vaccines benefiting 54 countries.
“WBG support to client countries surged to $157 billion over the last 15 months to address increased poverty, inequality, and the impacts of COVID-19. This unprecedented level of commitments helped countries strengthen health systems, protect the poor and vulnerable, support jobs and businesses, promote economic growth, and lay the foundation for a green, resilient and inclusive recovery,” said WBG’s president David Malpass.
For the International Bank for Reconstruction and Development (IBRD), its net commitments increased 9 percent in FY2021 to $30.5 billion and the gross disbursements rose by 17 percent to record $23.7 billion.
Its commitments to lower-middle-income countries in FY21 represented 42 percent of the total.
Moreover, the IBRD’s net investment portfolio jumped to $85.8 billion as of 30 June, up from $82.5 billion a year earlier due to proceeds from debt issuances partially offset by net loan disbursements during the year.
During FY2021, the International Development Association (IDA) net commitments also increased by 19 percent, reaching $36 billion compared to the previous year.
The IDA’s net investment portfolio increased in FY2021 to $37.9 billion as of 30 June 2021, up from $35.6 billion a year earlier.
As for the International Finance Corporation (IFC), total commitments in FY2021 climbed by 11 percent compared to the previous year, to record $31.5 billion,
37 percent of which was in low-income and fragile and conflict impacted countries.
The IFC’s long-term finance commitments in FY2021 also rose to a record $23.3 billion, while delivering a record high of $8.2 billion in short-term finance, a 26 percent increase compared to the previous year.