World Bank Group provided $11.9 bln to Europe and Central Asia in fiscal year 2014

Comprising 47 projects, the $5.6 billion of World Bank support to the region over the past fiscal year consists of $4.7 billion in commitments from the International Bank for Reconstruction and Development (IBRD)1 and $0.9 billion from the International Development Association (IDA), the WB's official website reads. In addition, the Bank's Europe and Central Asia region produced important research and analytical work about critical issues in the region this fiscal year. It also signed 33 Reimbursable Advisory Service agreements with 11 countries in the region for a total amount of $45 million. These agreements provide technical advice to pension and education systems reform, public sector governance and institutional capacity-building, planning and management of infrastructure investments, and other issues. "Europe and Central Asia was the region hardest hit by the 2009 global economic crisis, and remains the slowest to recover. Although a modest rebound has occurred since 2010, GDP growth grew just 2.2 percent in 2013, and is expected to be only 1.7 percent in 2014," saidLaura Tuck, World Bank Vice President for the Europe and Central Asia Region. "The World Bank supported clients' needs over the past fiscal year with innovative, demand-driven operations. We also acted quickly and effectively to respond to urgent situations, such as the crisis in Ukraine, and the catastrophic floods in Bosnia and Herzegovina and Serbia in May."

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