Developing countries will benefit from increased World Bank financial support, including the launch or expansion of four facilities for the crisis hit private sector.

The move is the bank's response to the spreading global financial crisis.

Making the announcement ahead of a G20 summit, the bank said its International Bank for Reconstruction and Development would make new commitments of up to US$100 billion over the next three years.

This year, lending could almost triple to more than US$35 billion compared to US$13.5 billion last year.

This increase in financial support will protect vulnerable countries from harm, support countries facing big budget short-falls, and help sustain long-term investments upon which recovery and long-term development will depend.

The bank lowered its growth forecast for developing country economies to 4.5 percent for 2009, compared to a previous projection of 6.4 percent, due to a combination of financial turmoil, slower exports and weaker commodity prices.

“The response to this crisis must be global, coordinated, flexible and fast.  While the challenges need to be addressed at the country level, it is more critical than ever that the international community acts in a coordinated and supportive way to make each country’s task easier.” Said the bank's president Robert B. Zoellick.

In addition to helping cash-strapped governments, the Bank is ramping up its support to the private sector through the launch or expansion of four initiatives by the IFC, its private sector arm.