a. Reported in IBRD's financial statements as "Income before fair value adjustment on non-trading portfolios, net and Board of Governors-approved transfers."
IDA (Millions of Dollars)
FY10
FY09
FY08
FY07
FY06
Commitments
14,550
14,041a
11,235
11,867
9,506
Of which development policy lending
2,370
2,820
2,672
2,645
2,425
Gross disbursements
11,460
9,219
9,160
8,579
8,910
Of which development policy lending
3,228
1,872
2,813
2,399
2,425
Principal repayments (including prepayments)
2,349
2,209
2,182
1,753
1,680
Net disbursements
9,111
7,010
6,978
6,826
7,230
Credits outstanding
113,474
112,894
113,542
102,457
127,028
Undisbursed credits
30,696
29,903
27,539
24,517
22,026
Undisbursed grants
5,837
5,652
5,522
4,642
3,630
Development grant expenses
2,583
2,575
3,151
2,195
1,939
a. Includes a HIPC grant of $45.5 million for Côte d’Ivoire.
The World Bank uses Development Policy Loans (DPLs) to provide financing that is disbursed rapidly to help countries address actual or anticipated development financing needs. Such lending typically supports a program of policy and institutional actions. Examples include operations that improve the investment climate, create employment, strengthen public sector governance, establish or strengthen social safety net programs, modernize tertiary education, and develop a policy framework to deal with adaptation to climate change.
In response to the global crisis, the Bank increased DPL financing to $20.7 billion on average in fiscal 2009 and 2010, up from $6.7 billion a year the previous three years. This exceptional level of funding provided a buffer that allowed countries to continue to protect the poor. In Vietnam, for example, a DPL–funded stimulus package helped prevent an economic downturn and contributed to the establishment of 76,000 new enterprises in 2009. In Indonesia a DPL with a deferred draw-down option supported policy and institutional actions, including strengthening the institutional framework for handling possible bank failures, designed to prevent contagion from the crisis.
In low-income countries, DPLs are supporting reforms associated with private sector–led growth in Armenia; economic management, trade, and integration in Bangladesh; public sector governance and public financial management in Burkina Faso; and human development in Pakistan. In middle-income countries, the Bank has responded to requests for DPLs that support labor market flexibility and efficiency of social services in Bulgaria; environmental reforms in Colombia; financial sector development in the Arab Republic of Egypt; competitive financing terms and policy advice to support housing and climate change initiatives in Mexico; water, energy, and public administration reforms in Morocco; and standard setting for social services in Peru.
Cofinancing is any arrangement under which World Bank funds are associated with funds provided by sources outside the recipient country for a specific lending operation. In fiscal 2010 79 Bank projects leveraged $10.8 billion in cofinancing. Bilateral agencies contributed $4.0 billion in cofinancing; the U.K. Department for International Development ($727 million) and the U.S. Agency for International Development ($591 million) were the largest cofinancers. The three regions that benefited most from cofinancing were Africa ($6.3 billion), South Asia ($2.2 billion), and Latin America and the Caribbean ($990 million). The sectors receiving the most cofinancing were energy and mining ($4.2 billion); education ($1.4 billion); health, nutrition, and population ($1.3 billion); social protection ($1.3 million); and transport ($1.3 billion).
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