Demand for lending from the World Bank has risen to levels "never seen outside a financial crisis," according to the latest research by the global lender to developing countries.
"As developing countries continue to face strong economic headwinds, demand for lending from the World Bank has risen to levels never seen outside a financial crisis," the World Bank said in a statement published on Monday.
It said lending was now on track to climb to more than $150 billion in support between the fiscal full-year of 2013 and the current fiscal year. Furthermore, the bank said that demand for lending from middle-income countries – in the face of renewed economic challenges amid a global slowdown – was set to rise further.
In the bank's last fiscal full-year, 2015, lending by the International Bank for Reconstruction and Development (the IBRD, whose parent is the World Bank Group) "was the highest it has ever been outside a financial crisis at $23.5 billion," the bank said.
It added that it expected full-year 2016 "will easily eclipse that record, with lending projected to rise above $25 billion."
The World Bank has two specific objectives; one is to end extreme poverty and the other is to promote shared prosperity. It also advises countries on implementing reforms aimed at creating growth.