World Bank President Robert Zoellick says the global economic crisis is already putting a major strain on development and aid efforts, and the World Bank, the IMF, and global leaders need to act now to "prevent a human catastrophe."  

Zoellick made the remarks at the close of the World Bank's spring meeting.  At the press conference, the World Bank's Development Committee outlined the following initiatives to help alleviate the economic challenges in developing countries:

• To protect the poorest, the Bank has set up the Vulnerability Financing Facility, including the Global Food Crisis Response Program and the new Rapid Social Response Program. IFC (International Finance Corporation) has also created the Microfinance Enhancement Facility to help poor borrowers.

• To reinvigorate trade finance, IFC has expanded its Global Trade Finance Program from $1 billion to $3 billion, and has also launched its Global Trade Liquidity Program, expected to support up to $50 billion of trade over the next three years.

• To maintain infrastructure development and create jobs, the Bank has established the Infrastructure Recovery and Assets Platform. The Bank will lend up to $15 billion a year for infrastructure, while IFC has launched the Infrastructure Crisis Facility.

• To help support the financial sector, IFC has created the Capitalization Fund, to provide additional capital for developing country banks. MIGA has extended guarantees to loans to Eastern Europe for coverage of $500 million.

You can read Zoellick's remarks here, and watch the full Development Committee news conference here.