WASHINGTON - THE World Bank announced on Wednesday the creation of a US$2 billion (S$3 billion) fast-track lending programme to help the world's poorest countries weather the global financial crisis.

The bank's executive board approved on Tuesday the creation of the lending facility which will speed up grants and long-term, interest-free loans to the struggling poor countries, the development lender said in a statement.

The new program, the International Development Association (IDA) Financial Crisis Response Fast-Track Facility, allows the World Bank to provide rapid funding for social safety nets, infrastructure, education and health.

'The poorest people will be hit the hardest by the crisis that is likely to get worse next year,' World Bank president Robert Zoellick said in the statement.

'We want to help countries manage this downturn with rapid financing to help minimize its impacts and by assisting them in designing supportive policies.' Mr Zoellick noted that the bank projects economic growth in developing countries of 4.5 per cent in 2009, down from 7.9 per cent in 2007, as the global financial crisis brakes output. -- AFP