Economy

World Bank Group Backs Latin America and the Caribbean’s Steady Poverty Reduction and Middle Class Growth


Reconstruction and Development (IBRD), the International Development Association (IDA), the International Finance Corporation (IFC) and the Multilateral Investment Guarantee Agency (MIGA).

The World Bank (IBRD and IDA) maintained its strong support for the region approving $5.2 billion in new loans in FY13, nearly $4.8 billion from IBRD and $435 million from IDA, the Bank’s fund for the poorest countries.  Support was aimed at generating opportunities for all through public and private sector projects that expand public services, improve regional productivity, competitiveness and integration, create new quality jobs and assist those most in need.

Brazil($3.1 billion), Colombia ($600 million) and Uruguay ($408 million) were the largest borrowers in the region. Haiti also received $235 million in IDA grants. Water and sanitation, disaster risk management, and economic policy received the most funding. Latin America and the Caribbean received the largest share of IBRD’s total global new lending at 32 percent, and 16.5 percent of total IBRD/IDA lending.

IFC, which focuses on supporting the private sector, provided a record $6.5 billion to 129 projects in Latin America and the Caribbean in FY13. This included $1.7 billion mobilized from other financial institutions.  In the region, IFC clients support about two million women through jobs, education and entrepreneurial opportunities. One in eight people in the region benefit from infrastructure projects supported by IFC.  Its financial sector clients provided 29 million loans valued at $217 billion to micro, small and medium enterprises.  via Caribbean’s Steady Poverty Reduction

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