WB lends record $29b during fiscal 1999<\/p>\n
WASHINGTON (Reuters): The World Bank said on Tuesday it
\napproved a record US$29 billion in loans during fiscal 1999 with
\nArgentina, Indonesia, China and South Korea securing the largest
\nportion of the spoils.<\/p>\n
Of the $29 billion the World Bank agreed to lend during the
\nyear, $24 billion was disbursed. The total surpassed the previous
\nrecord of $28.6 billion set in 1998.<\/p>\n
Overall the East Asia and Pacific region secured the largest
\nchunk of World Bank lending, securing commitments of $9.76
\nbillion in 1999, up from $9.62 billion in 1998.<\/p>\n
East Asia was battered by the financial crisis that started in
\nThailand in 1997 before spreading to the region and beyond.<\/p>\n
Jean-Michel Severino, vice president for East Asia said the
\nlarge commitments to the area showed, "how deeply the World Bank
\nwas engaged in helping East Asia throughout the crisis."<\/p>\n
Commitments to Latin America and the Caribbean totaled $7.74
\nbillion, up from $6.04 billion the prior year. Europe and Central
\nAsia accounted for $5.29 billion in commitments compared with
\n$5.22 billion in 1998.<\/p>\n
The Middle East and North Africa enjoyed a rise to $1.58
\nbillion from $968 million in 1998.<\/p>\n
Commitments to Africa dipped to $2.07 billion from $2.87
\nbillion.<\/p>\n
Commitments also fell in South Asia, which secured $2.56
\nbillion, 71 percent of which was concessional lending, down from
\n$3.86 billion in 1998.<\/p>\n
Argentina was the single largest borrower in 1999 with
\ncommitments totaling $3.23 billion, Indonesia was the second
\nlargest borrower at $2.74 billion. China was the third largest
\nborrower with $2.1 billion, South Korea secured $2.05 billion and
\nRussia secured $1.9 billion.<\/p>\n
Brazil was the sixth largest beneficiary of World Bank funding
\nat $1.69 billion, Thailand the seventh largest at $1.3 billion,
\nwhile India secured $1.05 billion.<\/p>",
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