“Calling for a rapid response to the spreading global financial crisis, the World Bank Group said it would substantially increase financial support for developing countries, including the launch or expansion of four facilities for the crisis-hit private sector that is critical to employment, recovery and growth”. The announcements were made on 11 November 2008 ahead of a scheduled G20 summit.
One of the facilities to be launched is the Infrastructure Crisis Facility. This new International Financial Corporation (IFC) facility “would provide roll-over financing and help recapitalize existing, viable, privately-funded infrastructure projects facing financial distress. IFC expects over three years to invest a minimum of US$300 million and mobilize between US$1.5 billion and US$10 billion from other sources”.
IFC is a member of the World Bank Group. IFC currently holds a portfolio of over half a billion US dollars in investments worldwide in water, wastewater, solid waste management, gas distribution and privatized public services projects.
Source: World Bank, 11 Nov 2008
