The World Bank said on Friday that it would invest USD 45 billion in infrastructure over the next three years to lay a foundation for a "rapid recovery" from the global economic crisis.
Robert Zoellick, president of the 185-nation development lender, said in a statement that the investments "can provide the platform for job creation, sustainable economic growth and overcoming poverty, and help jump-start a recovery from the crisis."
The World Bank said a new Infrastructure Recovery and Assets Platform (INFRA) will provide USD 45 billion in infrastructure lending over the next three years, an increase of USD 15 billion over the three years preceding the crisis.
The bank also announced an increase in its support for agriculture to USD 12 billion over the next two years, from USD four billion in 2008, "to help ensure vital food security."
"Increases over this two-year period include a near doubling in agricultural support to Africa from USD 450 million to USD 800 million, and to Latin America from USD 250 million to USD 400 million, while supporting more than USD one billion in new projects in agriculture and rural development in South Asia," it said.
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