-Caveat Lector-
World Bank Lending Reaches $29B
By Harry Dunphy
Associated Press Writer
Tuesday, July 27, 1999; 5:54 p.m. EDT
WASHINGTON (AP) -- World Bank lent a record $29 billion in the fiscal year
that ended June 30, an increase of $1.5 billion over the previous year, the
bank said Tuesday.
The bank's main lending arm, the International Bank for Reconstruction and
Development, approved loans worth $22.2 billion at market-based interest
rates.
The remaining $6.8 billion in commitments were made through the International
Development Association, which lends funds at cheaper interest rates to
poorer countries.
In the previous fiscal year, IBRD loans totaled $21 billion, IDA $7.5
billion.
The bank's annual lending statement said actual loan payouts for fiscal year
1999 totaled $24 billion, down from $25.5 billion the previous year. In some
cases, bank loans are not disbursed in the year they are approved.
``While we see, for a second fiscal year, that the (global) financial crisis
has resulted in record loans, I am cheered to see that the increase in the
quality of loans we have provided, as this points to real results on the
ground,'' said James Wolfensohn, the bank president.
Earlier this year the bank said the failure rate for its projects had
declined, meaning more development contracts are completed as planned.
Wolfensohn made this one of his objectives when he took over as bank
president four years ago.
Nations in East Asia and the Pacific, where the financial crisis began in
mid-1997, were leading recipients of bank loans, the statement said. Lending
to Latin America and the Caribbean region also increased, partly in response
to spread of the financial crisis and to Hurricane Mitch.
Loans to nations in East Asia amounted to $9.76 billion. Latin America and
the Caribbean came next at $7.74 billion. European and Central Asian
countries obtained $5.29 billion.
Totals for South Asia reached $2.56 billion, while Africa obtained $2.07
billion with $1.58 billion for North Africa and the Middle East.
© Copyright 1999 The Associated Press
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