World Bank Group Timeline
Fast-Track Facility launched in response to global financial crisis
The IDA Financial Crisis Response Fast-Track Facility offers expeditious grants and long-term, interest-free loans to the world's poorest countries coping with the ongoing global financial crisis. The facility will fast-track an initial $2 billion of IDA15 resources and is available to 78 of the world's poorest countries over the next three years. "We cannot afford business as usual. We need a human rescue package, not just a financial rescue package -- and we need a new rapid response capability to make sure the money gets quickly to where it is most needed," said World Bank Group President Robert Zoellick. The facility is intended to finance expenditures needed to maintain economic stability, sustain growth, address volatility, and protect the poor.
Resource Gallery
Proposal for an IDA Financial Crisis Response Fast-Track Facility
Document date: Dec. 16, 2008
The memo to the Executive Directors provides details of the proposed Financial Crisis Response Fast-Track Facility.
Press release -- World Bank launches2 billion Fast-Track Facility
Dec. 10, 2008
The facility will speed up grants and long-term, interest-free loans to help the world's poorest countries cope with the impact of the global financial crisis (online resource).
