The World Bank Group extended loans, credits, grants, equity investments, and guarantees totalling over $5.5 billion to South Asia in fiscal year 2008. The funding supports 79 new projects designed to overcome poverty and boost growth through practical plans enhancing the business and investment environment and empowering poor people, says a statement of the bank. Contributing to this strong support was $1.491 billion from the International Bank for Reconstruction and Development (IBRD), which provides financing, risk management products and other financial services; $2.756 billion from the International Development Association (IDA), $1.26 billion from the International Finance Corporation (IFC), and $36.6 million from the Multilateral Investment Guarantee Investment Agency (MIGA), the group