The World Bank said on Wednesday it was making 27 billion U.S. dollars in funding available for countries of emerging Europe and Central Asia to help them weather the euro zone crisis.
The bank noted in its statement the adverse effects euro zone crisis brought on the finance, trade and workers' remittances of the countries of Emerging Europe and Central Asia. It said due to their close links with the euro zone, the countries of central and southeastern Europe were likely to face an economic slowdown this year.
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The money will be made available over the next two years through several bank programs. The bank said that the additional assistance would help these countries maintain fiscal balances, conduct structural reforms, ensure flow of credit to enterprises, and build stronger social safety nets.
"While the effects of the euro zone crisis on the largest economies of western Europe receive most of the world's attention, the crisis is also hurting people in emerging eastern European countries, particularly the poorest in central and southeastern Europe," World Bank President Robert Zoellick said in the statement.