World Bank sets US$27b for countries hurt by euro crisis
2012-01-26 11:11:13
The World Bank said on Wednesday it was making $27 billion available for countries in central and eastern Europe and Central Asia impacted hard by the eurozone crisis.
The bank said the euro area's ongoing debt crisis was hitting the former Soviet bloc countries hard by cutting trade, finance and worker remittances crucial to their growth.
It said that due to their close links with the eurozone, the countries of central and southeastern Europe face an economic slowdown this year.
The $27 billion will be made available to help them over the next two years, the bank said, to help maintain fiscal balances, continue supporting businesses, and strengthen social safety nets for the people most vulnerable to the downturn.
"While the effects of the Eurozone crisis on the largest economies of Western Europe receive most of the world's attention, the crisis is also hurting people in emerging Eastern European countries, particularly the poorest in central and southeastern Europe," World Bank President Robert Zoellick said.