The World Bank today said it would pump up to 55 billion dollars into infrastructure projects for poorer countries struck by a severe global recession that was not of their making, according to dpa. The development bank's three-year investment is intended to counterbalance a dramatic plunge in help from the private sector. Many investors have pulled out of developing countries amid a devastating financial crisis that began in the US and Europe and quickly took hold of the world economy in the past six months. About 45 billion dollars will be offered by the World Bank in the next three years and 10 billion dollars through the bank's private investment arm, the International Finance Corporation. France and Germany became the first countries to join the IFC's so-called Infrastructure Crisis Facility in a signing ceremony in Washington, part of the World Bank and sister-lender International Monetary Fund's annual spring meetings. France offered 1.3 billion dollars and Germany 660 million dollars towards the programme. "Developing countries are not responsible for this crisis," said German Development Minister Heidemarie Wieczorek-Zeul. "We have a specific responsibility to be at their sides." French Finance Minister Christine Lagarde said building up infrastructure in poor countries, especially in Africa, was "a key component not only of the immediate response to the crisis but also of long-term economic growth."
