(Reuters) <\/p>\n\n\n\n
WASHINGTON, May 22 – Twenty-seven countries have \u200bmoved since the Iran war started to put in place crisis instruments that could \u200cquickly access funding from existing World Bank programs, according to an internal document viewed by Reuters.<\/p>\n\n\n\n
The World Bank document did not name the countries or the total amount of funds potentially being sought. The World Bank declined \u200bto comment.<\/p>\n\n\n\n
The document showed that three countries had approved new instruments since the Middle \u200bEast conflict began on February 28 while the others were still completing the \u2060process.<\/p>\n\n\n\n
The war and resulting disruption of global energy markets have hit global supply chains and \u200bprevented vital fertilizer shipments from reaching developing countries.<\/p>\n\n\n\n
Officials in Kenya<\/a> and Iraq<\/a> have confirmed they are seeking rapid financial \u200bsupport from the World Bank to deal with the war’s fallout such as surging fuel prices hitting the African nation to a massive drop in oil revenue for Iraq.<\/p>\n\n\n\n The 27 countries are among 101 that had access \u200bto some form of pre-arranged financing instrument that they could tap in a crisis, including 54 \u200bthat signed up to the Rapid Response Option, which allows countries to use up to 10% of their \u200cundisbursed financing.<\/p>\n\n\n\n World \u2060Bank President Ajay Banga last month said the bank’s crisis toolkit would allow countries to draw on pre-arranged contingent financing, existing project balances and fast-disbursing instruments to access an estimated $20 billion to $25 billion.<\/p>\n\n\n\n He said the bank could also reorient parts of its portfolio to bring the total to $60 \u200bbillion over six months, with \u200bfurther longer-term changes \u2060possible to bring the total to around $100 billion<\/a>.<\/p>\n\n\n\n