United Nations Radio

The World Bank Group will substantially increase its financial support to developing countries in response to the financial crisis.

Senior Vice President and Chief Economist Justin Lin says the International Bank for Reconstruction and Development could make new commitments of up to $100 billion over the next three years. And this year, it could almost triple to more than 35 billion dollars the amount of monies it will lend. And according to the Bank Senior Vice President, the International Development Association, IDA donors, have committed $42 billion for the next three years which he says can be front-loaded to meet the needs of low income countries including many in Africa.

"The growth rate of developing country is likely to reduce from 6.5% on the average down to about 4.5% next year and for some highly indebted poor countries their situation can be even worst."

Mr. Lin says the current global financial crisis poses major challenges but it also creates opportunities and he adds that a vigorous response to the crisis can set the stage for a new multilateralism that supports sustainable and inclusive globalization.

This is Donn Bobb reporting for United Nations, Doha.

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