For the third year in a row, Bank Group lending for climate-related investments exceeded the target of 28%, reaching 29% or $21.4 billion in Fiscal Year 2020.
World Bank Group
As countries around the world contend with the health emergency of the COVID-19 pandemic, the economic effects of suspending almost all activity have immediately impacted the world’s commodity markets and are likely to continue to affect them for months to come.
The World Bank and IFC’s Boards of Directors approved today an increased $14 billion package of fast-track financing to assist companies and countries in their efforts to prevent, detect and respond to the rapid spread of COVID-19.
World Bank Group President David Malpass’ has said at the 2019 UN High-Level Meeting on Universal Health Coverage (UHC) that accelerating progress toward Universal Health Coverage is critical to alleviating extreme poverty and boosting shared prosperity.
Global economic growth is forecast to ease to a weaker-than-expected 2.6% in 2019 before inching up to 2.7% in 2020. Growth in emerging market and developing economies is expected to stabilize next year as some countries move past periods of financial strain, but economic momentum remains weak.
Representatives from four African countries today called for a balanced approach to growing debt vulnerabilities to help low-income African countries meet their commitments to lenders.
The Action Plan on Climate Change Adaptation and Resilience will be implemented starting June 30, 2021 through July 1, 2025.