2007 trust funds annual report year ended June 30, 2007
Psacharopoulos, George
In recent years, Trust Funds (TFs) administered by the World Bank Group have increasingly mobilized and directed concessional resources to key strategic development priorities at the country level, while also supporting partnerships with other development actors in addressing global and regional challenges. The bank objective is to ensure that it accepts and administers trust funds in a manner that contributes the objectives of aid effectiveness and harmonization as laid out in the Paris declaration of march 2005, including, in particular, complementary with country-based multilateral instruments, such as the International Development Association (IDA). In fiscal 2007, the banks TF portfolio grew in terms of the number of funds and donors, as well as the volume of contributions and disbursements. At the end of fiscal 2007, the Bank Group held a total of $21.4 billion in trust ($13.8 billion cash and $7.6 billion promissory notes). These resources were administered through 1,015 active funds supported by 339 sovereign and non-sovereign donor agencies. The World Bank Group also contributes some of its own resources to selected TFs. The portfolio, reflective of larger trends in the aid architecture, is composed of bank-executed, recipient executed, and financial intermediary funds. While many of the recipient-executed funds support more traditional country-based investments, the rapidly growing portfolio of financial intermediary funds support 'vertical' approaches that target specific global priorities or themes of interest to the international development community.
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