Abuja — A meeting of development committee of the World Bank and International Fund, said the global economy has deteriorated and developing countries face serious consequences, as the financial and economic crisis turn into a human and development calamity.

The committee said in a statement, that as a result, progress made towards the Millennium Development Goals (MDGs) is now in jeopardy. "The crisis has already driven more than 50 million people into extreme poverty, particularly women and children.

"We must alleviate its impact on developing countries and facilitate their contribution to global recovery," it said.

The committee confirmed its support for making optimal use of reconstruction and development's balance sheet with lending of up to $100 billion over three years.

It also decided to treble the International Bank for IBRD's lending this fiscal year and fast track 15 commitments of the International Development Association (IDA).

Other measures taken include the World Bank setting up a vulnerability financing facility to protect the poorest against global crises.

The fund includes a global food crisis response programme and the new rapid social response programme.

The bank is also to maintain infrastructure development and create jobs. To do this, it has established an Infrastructure Recovery and Assets Platform.

Some of the initiatives are designed to mobilise more resources, both public and private.

The bank will lend up to $15 billion a year for infrastructure, while the International Finance Corporation (IFC), the private sector arm of the bank, had equally launched the infrastructure crisis facility, as well as a Microfinance enhancement facility, to help poor borrowers. IFC has equally expanded its global trade finance programme from $1 billion to $3 billion in addition to launching a global trade liquidity Programme, which is expected to support up to $50 billion of trade in the next three years.