The World Bank Group launched Saturday a financing facility to provide a simple, low cost way for developing countries to share their knowledge and expertise in overcoming poverty. The new South-South Experience Exchange Facility is a new multi donor trust fund that promotes the idea that the development successes in one country can pull people out of poverty in another. “In their quest to accelerate growth and improve living standards, policy makers in the developing world are constantly in search of innovative ideas. They see the experiences of their counterparts in emerging economies as increasingly relevant.” said World Bank Group President Robert B. Zoellick. “Countries learn best by seeing how others have tackled similar issues. This initiative will help policy makers and others in low-income countries – who face serious problems and can't afford the luxury of long waits to receive support – to benefit first hand from other developing countries,” said Ngozi Okonjo-Iweala, World Bank Group Managing Director. --MORE
