DUSHANBE, July 17, 2014, Asia-Plus -- The World Bank Group reportedly provided $11.9 billion to Europe and Central Asia (ECA) during fiscal year 2014, aimed at reducing poverty and boosting shared prosperity in the region.

Press release issued by the World Bank notes that of this, IBRD/IDA provided $5.6 billion of support to the region, IFC delivered $4.7 billion in commitments, and MIGA provided $1.6 billion in political risk insurance and credit enhancement coverage.

Comprising 47 projects, the $5.6 billion of World Bank support to the region over the past fiscal year consists of $4.7 billion in commitments from the International Bank for Reconstruction and Development (IBRD) and $0.9 billion from the International Development Association (IDA).

In addition, the Bank’s Europe and Central Asia region produced important research and analytical work about critical issues in the region this fiscal year.  It also signed 33 Reimbursable Advisory Service agreements with 11 countries in the region for a total amount of $45 million.  These agreements provide technical advice to pension and education systems reform, public sector governance and institutional capacity-building, planning and management of infrastructure investments, and other issues.

The World Bank Group stepped up its assistance in Ukraine to help stabilize the economy and support the delivery of critical public services.  In May 2014, the Board approved a total of $1.4 billion in IBRD loans, including two large investment operations to improve municipal service delivery and a $750 million multi-sector Development Policy Loan (DPL).  In addition, the Board approved a $250 million IFC investment project in support of a poultry private sector company.  These four projects are part of the World Bank Group’s overall assistance to Ukraine announced in March 2014, which aims to provide up to $3.5 billion by the end of 2014.

The ECA region’s strategy focuses on two main pillars: 1) competitiveness and shared prosperity through jobs, and 2) environmental, social, and fiscal sustainability, including through climate action. Governance and gender continue to be thematic priorities within interventions of both pillars.

The Bank is supporting competitiveness and job creation in the region in many ways.  It has increased access to finance for small- and medium-size enterprises, helped improve skills and increase labor market flexibility, invested in infrastructure, and strengthened financial sector regulations.

The Bank is supporting ECA countries in their efforts to improve the efficiency and fiscal sustainability of their safety net and pension systems. It is helping improve health care systems in Bulgaria, Croatia, Kosovo, Moldova, Romania, Tajikistan, and Uzbekistan.  It is working to strengthen social cohesion by supporting community-driven development and social accountability in Kyrgyzstan and Tajikistan.  In Romania, it is helping governments improve economic opportunities and public services for disadvantaged communities, including the Roma and unemployed youth.

Climate adaptation and energy efficiency remain strategic priorities for Europe and Central Asia, the most energy-intensive region in the world. The Bank is also working with client countries as they adapt to climate change.