WASHINGTON, Nov 11: The World Bank said on Tuesday it was hiking financial support of developing countries reeling from the global financial crisis, offering an extra $100 billion over the next three years.

The World Bank said its International Bank for Reconstruction and Development, which lends to governments, “could make new commitments of up to $100 billion over the next three years.” The new commitments could almost triple the bank’s lending to more than $35 billion in the 2008-09, up from the $13.5 billion in the prior year.

“This increase in financial support will protect the poorest and most vulnerable from harm, support countries facing big budget shortfalls, and help sustain long-term investments upon which recovery and long-term development will depend,” the 185-nation bank said in a statement.

The announcement came just days ahead of a summit meeting of Group of 20 major rich and emerging countries, hosted by US President George W. Bush on Saturday in Washington, aimed at addressing the worst financial crisis since the Great Depression.

The World Bank also lowered its growth forecast for developing country economies to 4.5 per cent for 2009 from a prior projection of 6.4 per cent, citing the financial turmoil, slower exports and weaker commodity prices.

High-income developing economies were expected to contract by 0.1 per cent next year as the global economy slows to a meagre 1.0 per cent growth rate.—AFP