World Bank Group announced on Thursday it is working with governments and the private sector to address challenges arising from the Middle East conflict as shipping route disruptions and rising costs hit emerging markets.
The group is closely monitoring global market developments and maintaining direct contact with the most affected client countries to understand the situation on the ground, according to a statement.
Supply risks are spreading from energy into fertilizers and other critical agricultural inputs, while crude oil prices increased by nearly 40% between February and March.
The price of liquefied natural gas shipments to Asia rose by almost two-thirds, and nitrogen-based fertilizer prices increased by nearly 50% in March, the statement noted.
The organization is ready to respond at scale by combining immediate financial relief with policy expertise and private sector support for the recovery of jobs and growth.
The group aims to deliver immediate relief by leveraging its active portfolio, crisis response toolkit, and pre-arranged financing facilities for governments, firms, and households.
Through its private sector arms, the World Bank Group will provide firms with essential liquidity, trade finance, and working capital to underpin recovery.
By Gokhan Ergocun
Anadolu Agency
energy@aa.com.tr