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Published April 25, 2009
The INFRA, along with the Infrastructure Crisis Facility (ICF) plan, was launched on April 25, 2009 by World Bank president Robert Zoellick. The Bank describes the plans as “two multi-billion infrastructure investment initiatives to help developing countries withstand the global financial and economic crisis...(They) will together mobilize more than US$55 billion over the next three years to infrastructure projects in developing countries. Out of this total, US$45 billion is available in lending from the World Bank and US$10 billion is available via IFC. The two initiatives will help to create jobs and lay the foundations for future economic growth and poverty reduction.
INFRA is designed to assist partner country governments respond to the negative effects of the global financial crisis on their infrastructure services and investment programs. The World Bank’s financing and technical assistance to developing countries is expected to reach US$45 billion over the next three years, and more as development partners join and support the platform. Assistance will be global, but Africa is expected to see a large proportion of investments, given large identified needs on the continent.
The ICF is expected to attract more than US$10 billion to help bridge the gap in available financing for viable, privately-funded or public-private partnership infrastructure projects in emerging markets. IFC will contribute up to US$300 million in equity and may provide as much as US$2 billion in loan co-financing.”
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