Dionne Rose, Business Reporter

International consultant and former prime minister, PJ Patterson. - Winston Sill/Freelance Photographer

The World Bank has announced the addition of US$100 billion in assistance for developing countries over the next three years.

It's private sector arm, the International Financial Corporation, will be doling US$30 billion in loans over the same to businesses.

International consultant and former prime minister P.J. Patterson said this week the boost in financial assistance was welcome and long overdue.

But Patterson, who while in office was unrepentant in his lobbying for deeper acknowledgement and greater support for countries like Jamaica, as well as the poor and vulnerable, said the World Bank's gesture would be meaningless if 'unreasonable' conditionalities were attached.

"It is a welcome step that the World Bank not only recognises this, but is prepared to make some assistance available," he told the Financial Gleaner.

"One hopes that they will not be introducing or imposing conditionalities and that the disbursements will not take too long to put into effect."

Funds to protect poorest

World Bank president Robert Zoellick in a statement on the weekend said the new funds would be used "to protect the poorest and most vulnerable from harm", fill budget shortfalls, and finance long-term investments.

Zoellick said too that the bank was "working to speed up grants and long-term, interest-free loans to the world's 78 poorest countries."

Donors, he said, have already pledged US$42 billion over three years for the International Development Association, the World Bank's fund for these countries, 39 of which are in Africa.