"The World Bank said on Wednesday that it committed $58.8 billion dollars in fiscal year 2009 to help countries struggling amid the global economic crisis, a 54 percent increase over the previous fiscal year and a record high for the global development institution.

In fiscal year 2009 (July 1, 2008-June 30, 2009), the World Bank supported 767 projects to promote economic growth, fight poverty, and assist private businesses, including $20.7 billion in infrastructure financing, a critical sector to provide the foundation for rapid recovery from the crisis and job creation.

This support was provided in loans, grants, equity investments and guarantees to help countries and private-sector firms deal with the devastating effects of the global financial meltdown, the World Bank said in a statement. ..." [Xinhua/Factiva]

Dow Jones notes that "...The International Bank for Reconstruction and Development, registered a record $32.9 billion in commitments. The International Development Association, which gives poorer countries interest-free loans and grants, also reported a new high of $14 billion in commitments.

Meanwhile, the Bank's private-sector arm, the International Finance Corp., saw a decrease in financing to $15 billion - including $4.5 billion mobilized from syndications and structured finance - from a high of $16.2 billion in fiscal year 2008. Countries in Latin America and the Caribbean were the biggest recipients of funds, with commitments rising 70% to a record $17.1 billion in the fiscal year. ..." [Dow Jones/Factiva]

FT adds that "...The World Bank announcement highlighted its efforts to ramp up support for developing countries hit by the crisis. The main increase was in lending to middle-income countries, with approvals more than doubling from $13.5billion in the previous 12 months to $32.9 billion. ...

Critics argue that the pressure to approve projects quickly for counter-cyclical reasons could result in the World Bank financing projects that are either unsound or not subject to proper controls, a charge it rejects. ..." [The Financial Times (UK)/Factiva]