The World Bank has announced a historic US $170 billion financing initiative to assist developing countries with the overlapping global crises.

The package was announced today as the world continues to suffer severe economic instability.

Chevon Campbell reports.

The perfect storm!

The World Bank says multiple ongoing crises since 2020 have the potential to undo decades of development gains and require an urgent response.

Whether it be Covid-19, rising inflation or the Russian invasion of Ukraine, the world is facing unprecedented overlapping crises.

The multilateral will make up to US $170 billion in financing available over the next fifteen months to support developing countries.

The financing will tackle food insecurity through supporting production, facilitating trade, supporting the vulnerable and investing in sustainable food systems.

It also contains support for job preservation, resilience strengthening and finance geared at boosting long-term development.

Of the total, US $105 billion will be provided directly by the World Bank, 48 billion by the International Finance Corporation and almost US $9 billion by the Multilateral Investment Guarantee Association.

Fifty-three billion dollars of this support was provided by the multilateral during the April to June quarter, as it stepped up support for food security and continued to deepen its pandemic response.

To ensure the financing is used appropriately the World Bank says implementation of the proposed crisis response will be closely monitored, and results will be tracked.