World Bank to aid 30-40 countries facing rising energy prices
The World Bank is gearing up to support 30 to 40 countries struggling with soaring energy prices linked to the Middle East crisis.
World Bank President Ajay Banga pointed out that while artificial intelligence and oil supply tweaks are keeping the global economy steady, rising diesel and fertilizer costs are making things tough for developing nations.
These challenges were mentioned ahead of this week's annual meetings of the International Monetary Fund and World Bank.
World Bank sets aside $60B
The World Bank has set aside $60 billion (possibly up to $100 billion) to help countries manage higher costs.
Instead of asking for emergency cash, many countries want to adjust their current projects.
There is also more private investment flowing into middle-income nations as western aid drops off.
The bank is working on creative fixes for high debt, like swapping debt for development projects, and has more debt initiatives in the pipeline.