PITTSBURGH, Sept. 24 (Xinhua) -- The World Bank Group President Robert Zoellick arrived in Pittsburgh Thursday to join leaders of the Group of 20 (G20) summit to tackle the global financial crisis and to find ways to help low income countries out of the recession.
"We see signs of recovery, but many are still being left behind," Zoellick said on Sept. 16.
He said "the G20 Summit in London broke the fall and now we need to go further, bringing in those that are being left behind in building a new normal based on multiple poles of growth. That means recognizing the developing countries are part of this solution."
The World Bank Group and the regional development banks are stretching to assist. Zoellik urged the G20 to put in place the incentives to help developing countries build productivity, investment, sources of energy, all linked to regional and global trade.
Earlier this year, the World Bank launched a vulnerability framework that helped mobilize some 8 billion U.S. dollars through World Bank and IFC initiatives in infrastructure, social safety nets, microfinance, trade finance, and bank capitalization.
Zoellick said that there is a gap in the global financial architecture, "we need a crisis response facility to ensure that quick and effective assistance can be provided to the most vulnerable low-income countries following severe and widespread shocks."
The G20 should support the establishment of such a facility as soon as possible, he said.
The G20, which represents 85 percent of the world economy and two thirds of the global population, is scheduled to meet on Sept.24-25 in Pittsburgh for its third round summit after Washington and London in last November and this April respectively.
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