Ankara: The World Bank Group has announced its collaboration with governments and the private sector to tackle challenges arising from the ongoing conflict in the Middle East. These challenges include disruptions in shipping routes and escalating costs that are affecting emerging markets.

According to Anadolu Agency, the group is keeping a close watch on global market developments and maintaining direct communication with the most affected client countries to gain a better understanding of the on-ground situation. Supply risks are spreading beyond energy to fertilizers and other critical agricultural inputs. Crude oil prices saw an increase of nearly 40% between February and March.

Further details reveal that the cost of liquefied natural gas shipments to Asia surged by almost two-thirds, while nitrogen-based fertilizer prices rose by nearly 50% in March. The World Bank Group emphasized its readiness to provide large-scale responses by combining immediate financial relief with policy expertise and private sector support aimed at aiding job and growth recovery.

The organization intends to offer direct relief by utilizing its active portfolio, crisis response toolkit, and pre-arranged financing facilities for governments, firms, and households. Through its private sector arms, the World Bank Group will ensure that firms have access to essential liquidity, trade finance, and working capital to support the recovery process.