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Cofinancing describes funds committed to specific Bank-funded projects by official bilateral and multilateral partners, export credit agencies, and private sources. It enables the Bank to leverage its resources with additional financing, at concessional terms, to benefit the recipient country. In fiscal 2003 IBRD and IDA financing was supplemented by $3.0 billion from such sources. Major cofinancing partners in fiscal 2003 included the Inter-American Development Bank, the Global Environment Facility, and the European Investment Bank.
In fiscal 2003 the largest share of cofinancing funds went to the following regions: Latin America and the Caribbean ($0.87 billion), Africa ($0.85 billion), and East Asia and Pacific ($0.64 billion).
Figure 2.18 shows cofinancing funds allocated by region.
Major Project Cofinancing in Fiscal 2003
A total of 103 projects were cofinanced by the Bank and its partners during fiscal 2003. Examples of projects with significant cofinancing include (a) the Colombia Social Sector Adjustment Program
($390 million); (b) the Ghana Health Sector Program Support Project II ($310 million); (c) the Mexico Rural Finance Development Structural Adjustment Loan ($300 million); and (d) the Jordan Education Reform for Knowledge Project ($120 million).
Figure 2.19 shows total Bank lending and cofinancing for fiscal 2000–03.
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