The World Bank said on Sunday that it is expanding its financing facility to provide quick, just and in time funding for developing countries to share their knowledge and expertise.

The statement comes on the first anniversary of the launch of the South-South Exchange Facility (SEETF), a multi-donor trust fund which promotes the concept that developing countries can and should learn from each other.

"It's now evident developing countries are learning more and more from each other. This facility has helped developing countries to formulate new thinking in their own countries and new initiatives to help promote skills, jobs and reduce poverty," said World Bank managing director, Ngozi Okonjo Iweala, during a press briefing in Istanbul.

Demand for the facility from low-income countries has been high with US$4.35 million contributed to the multi-donor trust fund fully committed to 35 grants, which covered a wide range of issues and countries, he said.

Some of the grants funded by the SEETF are preventing risky behaviors in Caribbean nations, helping 10 African nations to learn from China, Singapore and Malaysia about developing special economic zones to boost industry and trade, according to the official.

"Now we need to continue the momentum and so are looking to countries to contribute to the multi-donor trust fund to help meet the continuing demand from developing countries to be able to learn from each other," he said.

Six donor countries, China, Denmark, Mexico, the Netherlands, Spain and the United Kingdom, have contributed to the trust fund, with Denmark recently making a second contribution.

Aside from providing funding for developing countries to learn from each other, the SEETF also aims to document successful funding projects.

(Xinhua News Agency October 5, 2009)