World Bank President Ajay Banga said on Tuesday that the bank is capable of raising between $80 billion and $100 billion to finance countries severely affected by the repercussions of war in the Middle East within approximately 15 months.
Banga explained that the funding includes between $20 billion and $25 billion that countries can access through the Crisis Response Window, which allows them to obtain up to ten percent of the approved funding within existing programs, while another $30 billion to $40 billion can be made available through the redirection of existing programs, reports Al-Rai daily.
Banga added during the event that if the war continues for a longer period, the bank will have to resort to its balance sheet and available resources to find additional financing to reach the required amount of between $80 billion and $100 billion.
