A new program from the World Bank, Washington, D.C., the Infrastructure Recovery and Assets Platform (INFRA), will increase infrastructure investments to $45 billion over the next three years to provide the foundation for rapid recovery from the global economic crisis, according to World Bank Group President Robert B. Zoellick. The $45 billion marks an increase of $15 billion over the three years preceding the crisis. INFRA will have a particular focus on green investments and will support governments who want to use infrastructure investments to advance the green agenda.
In addition, International Finance Corp. (IFC), Washington, D.C., the World Bank Group’s member focused on private sector investments, set up an Infrastructure Crisis Facility (ICF), which was developed to bridge the gap in available financing for viable, privately funded or public-private partnership infrastructure projects in emerging markets that are facing financial distress as a result of the financial crisis. IFC will contribute up to $300 million in equity with other sources expected to bring in at least $2 billion more to co-finance infrastructure projects. This is likely to help mobilize additional funding worth three times that, covering around $10 billion worth of infrastructure projects.