World bank to increase infrastructure spending to $24bn

The World Bank Group has announced that its financing commitments to roads, bridges, energy, clean water and other critical infrastructure projects have increased from $16.7bn in 2013 to $24.2bn so far this year. This is an increase of 45%, and the highest in absolute terms since 2011.

Jim Yong Kim, the president of the bank, said: "It’s clear developing countries badly need more infrastructure, and we are stepping up with more financing."

There is an overall decline in private sector investment in infrastructure across the developing world. Commitments to PPPs and fully private projects declined by nearly 20% from $181bn in 2012, to $146bn in 2013, according to the bank’s estimates.

Global demand for infrastructure is estimated to be between $1 trillion and $1.5 trillion above current investment annual levels.

This year the world’s largest hydro project received a $73m primer from World Bank.

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