2022 Trust Fund Annual Report

Our world is facing unprecedented, overlapping crises stemming from the COVI D-19 pandemic, conflict, and climate change. The pandemic has led to an increase in global poverty, disruptions in human capital accumulation, and an erosion of the fiscal space in many developing countries. More than two years into the pandemic, these already- stressed countries are now experiencing the global impact of the war in Ukraine. Compounding crises have led to supply chain disruptions that further threaten food and nutrition security and access to energy, competitiveness, and growth. All the while, climate change impacts continue to intensify, with natural disasters becoming more frequent and damaging to vulnerable countries. The World Bank Group is meeting the enormity and urgency of these crises head-on with the largest response in its history. It has called upon the full array of its financial resources, operational expertise, and global partnerships to save lives, protect people, preserve jobs, strengthen resilience, and restore growth. It is helping countries worldwide navigate the uncertainties and move forward on the path to recovery. Total Bank Group financing for the 24 months between April 2020 and March 2022 reached 219 billion, including from the World Bank (IBRD and IDA), IFC, MICA, and trust funds. The World Bank Group makes strategic use of trust fund resources to complement its own funding and advance the development priorities of its clients. Taking a look at FY2022 and the last five years (FY2018-22), this annual report showcases how the World Bank Group manages and utilizes trust funds and FIFs to deploy financing quickly, expand operations, and generate new knowledge to support client countries during these turbulent times.