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WASHINGTON - The World Bank launched two new funds with expected financing of $55 billion over the next three years to try and ensure that infrastructure projects in developing countries do not dry up in the financial crisis.
The bank's Infrastructure Recovery and Assets (INFRA) platform and the Infrastructure Crisis Facility (ICF), managed by the bank's private sector financing arm, the IFC, are expected to focus for a large part on projects in Africa.
"As developing countries are facing the trials of the global economic crisis, it is vitally important that economic stimulus packages in the developed world are accompanied by support to those that cannot afford multi-billion bailouts," said World Bank President Robert Zoellick.
The bank estimates the financing gap for infrastructure projects could range from $140 billion to $270 billion as investments dry up due to the crisis.
Financing for INFRA is expected to reach $45 billion over the next three years, the bank said in a statement, while the ICF is expected to attract more than $10 billion.
The IFC will contribute up to $330 million in equity to the ICF and may provide as much as $2 billion in loan co-financing, the bank said.
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