Globe Banner News
World Bank explores expansion of partnership with Uzbekistan
By Globe Banner | Oct 1, 2024
Antonella Bassani, World Bank Regional Vice President for Europe and Central Asia, recently visited Uzbekistan. Her visit spanned from September 26 to 30, 2024, during which she met with President Shavkat Mirziyoyev and other senior government officials in Tashkent. In Samarkand, she attended the Asian Infrastructure Investment Bank (AIIB) Annual Meetings and engaged in discussions aimed at enhancing cooperation with partner multilateral development banks.
World Bank endorses new strategic partnership for Suriname's development
By Globe Banner | Oct 1, 2024
The World Bank Group's Board of Directors has endorsed a new strategic partnership for Suriname, aimed at supporting the country's long-term development over the next four years. This strategy focuses on fostering economic resilience, promoting inclusive growth, and strengthening institutional governance.
World Bank introduces policy crediting to support global climate goals
By Globe Banner | Oct 1, 2024
The World Bank has developed an Engagement Roadmap for Carbon Markets to support countries in achieving their climate goals. This roadmap includes a new crediting approach called policy crediting, aimed at helping countries meet their Nationally Determined Contributions (NDCs) and align with Article 6 of the Paris Agreement.
WTO's DDG Ellard outlines priorities amid ongoing reforms
By Globe Banner | Oct 1, 2024
DDG Ellard recently discussed the main functions of the World Trade Organization (WTO), including negotiations, trade monitoring, and dispute settlement. She emphasized the importance of technical assistance for developing and least-developed country members. Despite the growth of regional trade agreements, Ellard noted that about 75% of global trade still adheres to WTO rules. The consensus-based decision-making process ensures all members have an equal voice.
GAFSP introduces $75 million fund to boost agricultural investments
By Globe Banner | Oct 1, 2024
The Global Agriculture and Food Security Program (GAFSP) has announced a new $75 million investment window aimed at enhancing food security and agricultural development in low-income countries. The Business Investment Financing Track (BIFT) seeks to support smallholder farmers and micro, small, and medium-sized enterprises (MSMEs) in the agri-food sector.
WTO launches trade policy course for least developed countries
By Globe Banner | Oct 1, 2024
A new trade policy course for government officials from Least Developed Countries (LDCs) is currently underway at the World Trade Organization (WTO). The training includes lectures, interactive sessions, and practical exercises that cover the main WTO agreements with a focus on development issues. It aims to help LDCs implement WTO decisions to boost their trade activities.
Guidance issued for U.S. citizens voting overseas ahead of 2024 elections
By Globe Banner | Oct 1, 2024
U.S. citizens residing overseas are being urged to return their voted ballots promptly as the 2024 U.S. elections approach.
World Bank approves $56 million for improving rural road connectivity in Laos
By Globe Banner | Oct 1, 2024
A new World Bank project aims to improve connectivity in central and southern Laos, benefiting around 600,000 people by making rural roads more resilient to climate change. The $56 million Lao PDR Climate Resilient Road Connectivity Improvement Project was approved yesterday. It will support government efforts to enhance approximately 300 kilometers of district and rural roads in Khammuan, Saravan, and Savannakhet provinces.
WTO Trade and Public Health Workshop begins in Geneva
By Globe Banner | Sep 30, 2024
The 2024 WTO Trade and Public Health Workshop commenced in Geneva on September 30, 2024. In her opening remarks, WTO Deputy Director-General Johanna Hill emphasized the importance of WTO rules in ensuring equitable access to health-related products and services. She stated, “WTO rules facilitate equitable access to health-related products and services: starting with research and development, continuing through production, and culminating in last mile distribution to patients and medical personnel around the world.”
World Bank officials highlight importance of continued support for Haiti
By Globe Banner | Sep 30, 2024
On his first visit to Haiti at the end of August 2024, Dirk Reinermann, Director for Resource Mobilization with the World Bank’s International Development Association (IDA), toured the new location of the National Emergency Operations Center of the Direction Générale de la Protection Civile. The recently inaugurated 480 square-meter facility, partly financed by IDA, aims to improve coordination among populations at risk before, during, or after climatic, geological, or other events.
Djibouti economy grows strongly amid challenges
By Globe Banner | Sep 30, 2024
Djibouti’s economy saw significant growth in 2023, with GDP rising by an estimated 6.7 percent. This growth was driven by a recovery in Ethiopia's demand for port and logistics services and strong domestic demand bolstered by private investment and government measures to counter inflation from the Russian invasion of Ukraine.
WTO's Trade and Environment Week 2024 to focus on inclusive sustainability
By Globe Banner | Sep 30, 2024
The World Trade Organization (WTO) will host its annual Trade and Environment Week in 2024, focusing on the inclusive shift to sustainability. This event aims to foster discussions around trade-related environmental issues among WTO members, business representatives, international organizations, academics, leading experts, and civil society.
World Bank backs Indonesian reforms for sustainable land management
By Globe Banner | Sep 30, 2024
A new land management reform initiative aims to help Indonesia achieve its climate objectives, with the World Bank's Board of Executive Directors approving a US$653 million project on September 30, 2024. The Integrated Land Administration and Spatial Planning (ILASP) project is designed to reduce greenhouse gas emissions associated with land conversion, particularly in the Forestry and Other Land Use sector. This effort aligns with Indonesia's target to cut emissions by 31 percent by 2030 and supports the Golden Indonesia 2045 vision.
WTO-FIFA initiative concludes consultations on advancing African cotton industry
By Globe Banner | Sep 30, 2024
The "Partenariat pour le Coton" initiative, launched in February 2024 following a Memorandum of Understanding between the World Trade Organization (WTO) and FIFA in 2022, has concluded its national consultations. The initiative aims to support C4+ countries in enhancing their cotton value chain.
Niger expects economic recovery driven by oil revenues amid challenges
By Globe Banner | Sep 30, 2024
Niger's economy is expected to recover following a challenging year marked by political instability. This recovery hinges on favorable security and climate conditions, along with sustained oil production for exports, as detailed in the World Bank's latest economic update for Niger.
NCUA prohibits two individuals from participating in federally insured depository institutions
By Globe Banner | Sep 30, 2024
The National Credit Union Administration (NCUA) has issued one consent and one prohibition notice in September 2024. The individuals named are permanently prohibited from participating in the affairs of any federally insured depository institution.
World Bank official visits Haiti highlights ongoing support amid crises
By Globe Banner | Sep 30, 2024
On his first visit to Haiti at the end of August 2024, Dirk Reinermann, Director for Resource Mobilization with the World Bank’s International Development Association (IDA), toured the new location of the National Emergency Operations Center of the Direction Générale de la Protection Civile. The recently inaugurated 480 square-meter facility, partly financed by the International Development Association, will facilitate better coordination among populations at-risk before, during or after climatic, geological, or other events.
Niger's economic resilience amid crises highlights urgent need for investment in education
By Globe Banner | Sep 30, 2024
In Niger, 2023 was marked by a severe political crisis that triggered regional commercial and financial sanctions and disrupted external financing. The sanctions lasted seven months, and an estimated 7.5% of GDP in external financing was not disbursed in 2023 due to disruptions in international development assistance. The report estimates that the crisis significantly reduced GDP growth to 2.0% in 2023 (-1.7% per capita), compared to 6.9% prior to the crisis.
WTO conference highlights need for resilient global trade
By Globe Banner | Sep 28, 2024
The WTO Chairs Conference in India recently focused on the need for resilient and inclusive trade. The event opened with remarks from WTO Deputy Director-General Xiangchen Zhang, who emphasized the significance of the WTO Chairs Programme (WCP) network in strengthening the multilateral trading system. He stated, “Trade negotiations cannot succeed if only a few voices are heard,” highlighting the importance of participation from all countries.
Preqin announces report on India's growing role in global venture capital
By Globe Banner | Sep 28, 2024
Preqin has released a report highlighting India's increasing role in global venture capital, noting a significant rise in assets under management for India-focused VC funds. Despite recent declines, the long-term outlook for venture capital in India remains positive.