The World Bank says its financing for renewable energy and energy efficiency projects in developing countries has risen to its highest level, the News Agency of Nigeria reported on Monday.

The bank said in a statement issued on Sunday that financing for renewable energy and energy efficiency projects rose 24 percent in the last fiscal year to US$3.3 billion.

It said in the past five years it had approved 366 projects in 90 countries, noting that in the past year alone, the bank approved 99 projects in 48 countries.

The global apex bank said it passed the financial commitments made at the Bonn International Renewable Energies Conference in 2004 for new energy projects by roughly US$1.9 billion in the last four years.

"We have now committed to even more challenging goals on clean energy and carbon intensity reduction investments as we strive to make reliable energy access for all a reality," the statement said, citing Katherine Sierra, the bank's vice president for sustainable development.

The bank added that two out of every three dollars spent in private sector development were in the sector of renewable energy or energy efficiency.

"Commitments to renewable energy and energy efficiency for the year ending June 30, represented 40 percent of the total energy lending by the bank," the statement said.

(Xinhua News Agency September 15, 2009)