Wednesday, November 12, 2008

World Bank Increases Aid

The World Bank announced yesterday that they will be greatly increasing aid to developing countries and companies based there. This aid could total up to $100 billion over the next three years, in the hopes that it will counter some of the lingering effects of the financial crisis as it spreads to developing countries. Aside from expanded lending, the World Bank Group is also working to speed up grants and long-term, interest-free loans to the world’s 78 poorest countries. Read more.