World Bank Group provided strong support to Europe and Central Asia in fiscal year 2013

WASHINGTON. August 21. KAZINFORM The World Bank Group provided $10.2 billion in funding to governments in Europe and Central Asia (ECA) during fiscal year 2013, aimed at fostering growth for shared prosperity and poverty reduction. The region's growth is expected to reach 2.8 percent in 2013, 3.8 percent in 2014, and 4.2 percent in 2015, according to the Bank's recently published Global Economic Prospects, the World Bank's press service reports.

Over the past year, IBRD/IDA approved 42 project and policy loans totaling $5.3 billion for ECA, comprising of $4.6 billion and $0.7 billion in IBRD and IDA commitments respectively. The IFC provided $4.4 billion and MIGA $0.54 billion in financing. In addition to its financial products and technical assistance, the Bank Group produced important research about critical issues in the region this fiscal year, including a special report on the economic benefits of climate action, Growing Green.

"Growth in Europe and Central Asia continues, despite the slowdown in 2012," said Laura Tuck, World Bank Acting Vice President for the Europe and Central Asia Region."This year, calmer financial markets and global trade have helped improve the situation in the region. We have focused on supporting countries in their efforts to strengthen their economic competitiveness and public finances, improve public services, strengthen banking systems, and protect the most vulnerable from the impacts of the economic slowdown."

The ECA region is implementing a regional strategy that is focused on addressing three critical challenges to growth and development-improving competitiveness, reforming the social sectors to achieve shared prosperity, and making growth more sustainable, including through climate action.

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