BAKU, Azerbaijan, August 9. World Bank (WB) Group commitments (including short-term funding, mobilization and beneficiary trust funds) increased to $115 billion in fiscal year 2022, which is $5.3 billion (5 percent) higher than over fiscal year 2021, Trend reports via the WB.
“A significant portion of the FY22 commitments supported measures addressing the impact of global overlapping crises, food insecurity, increasing fragility and conflict as well as climate change,” the report said.
In particular, International Development Association finished the current fiscal year with the largest volume of commitments ($37.7 billion), which is also “the highest annual level in IDA’s history”.
The net commitments of the International Bank for Reconstruction and Development (IBRD) in fiscal year 2022, increasing by 8 percent year-on-year, totaled $33.1 billion, which is “the highest annual amount in a decade”.
According to the WB, the total commitments of the International Finance Corporation (IFC) amounted to $32.8 billion, a 4-percent increase year-on-year.
“Long-term finance commitments were $23.2 billion, of which $12.6 billion was for IFC’s own account and $10.6 billion for core mobilization. Additionally, IFC delivered a record high of $9.7 billion in short-term finance, an 18 percent increase compared to the previous year,” the report noted.
Meanwhile, Multilateral Investment Guarantee Agency (MIGA) reported a total of $4.9 billion of commitments in support of 54 projects, which is a record-high.
“Of the projects supported, 85 percent addressed one or more of the Agency’s Strategic Priority Areas, namely, IDA Countries, FCS and Climate Finance,” the WB noted.
As World Bank Group President David Malpass noted, “the results reflect strong demand for financing from our client countries, continued backing from our shareholders and capital markets, and our strong financial position”.
---
Follow the author on Twitter: @mariiiakhm
