World Bank Acting Vice President Keith Hansen said the overall bank financing for safety nets in low and middle income countries had reached $6.7 billion in the past three years.

Hansen, who is the bank’s Human Development Network, said this at the spring meeting of the World Bank and the International Monetary Fund in Washington DC.

“Bank support for building safety nets from the International Development Association (IDA), the Bank’s fund for the poorest countries reached $769 million in the last fiscal year, an eight-fold increase over the past decade.

“Overall Bank financing for safety nets in both low and middle-income countries totalled $6.7 billion over the past three years.

“Every year, safety nets in developing countries lift over 50 million people from absolute poverty,” he said.

According to him, the bank is committed to helping countries build effective and affordable safety net systems needed to end poverty, build shared prosperity, protect access to health, education, and other basic social services.

UK Secretary of State for International Development, Justine Greening, said UK support for the World Bank managed Rapid Social Response (RSR) programme would help support investment in job creation across the world.

He said at least 60 per cent of people in developing countries and nearly 80 per cent in the poorest countries lacked effective social safety nets coverage to protect them against sudden shocks and chronic poverty.

“What happens across the world matters more than ever for the UK and our support for the World Bank’s RSR Fund means we are investing in jobs, opportunities and peace.

“It will help governments in developing countries start to develop strong economies and strong societies of the future,” Justine said.