On Wednesday, The World Bank Group reported $58.8 billion of commitments in fiscal year 2009 to help respond to the struggle of many countries amid the global economic crisis, representing "a 54 percent increase over the previous fiscal year and a record" amount of financial assistance. The World Bank Group supported 767 projects to promote economic growth, fight poverty, and assist private businesses, including $20.7 billion in infrastructure financing, which the World Bank characterized as a critical sector to provide the foundation for rapid recovery from the global economic crisis and jjob creation. The World Bank Group’s International Finance Corporation (IFC) OpenDocument, the "largest provider of multilateral financing for the private sector in the developing world," played an important role as the economic crisis progressed, launching such initiatives as:
- A $3 billion IFC Capitalization Fund to strengthen systemically important banks, with a leveraged impact of as much as $75 billion;
- A $5 billion Global Trade Liquidity Program to help reverse the decline in trade flows; and
- A $2.4 billion Infrastructure Crisis Facility to ensure that projects critical for development get built.
World Bank Group President Robert B. Zoellick further "expect[s]" requests for assistance from the World Bank Group "to continue well into 2010, as the pace of recovery is far from certain."