Globe Banner News
Europe's struggle with climate disasters: A call for strategic investment in resilience
By Globe Banner | May 15, 2024
Europe is grappling with substantial losses and destruction resulting from climate-related disasters. From 1980 to 2022, weather and climate-related events across the EU resulted in total losses of approximately €650 billion, or around €15.5 billion per year. Recent catastrophes, such as the floods in 2022 and wildfires in 2023, have underscored the vulnerabilities of critical infrastructure, including emergency response buildings like fire stations, as well as roads and power lines.
World Bank issues $175 million catastrophe bond for Mexico's Pacific hurricane risk
By Globe Banner | May 15, 2024
On May 15, 2024, the World Bank (International Bank for Reconstruction and Development, or IBRD) issued a new catastrophe bond to provide $175 million of additional insurance protection for the Government of Mexico against named storm events occurring on the Pacific side of Mexico. This issuance significantly expands Mexico’s coverage for Pacific hurricane risk from the recently expired $125 million catastrophe bond.
WTO members discuss proposals to boost technology transfer
By Globe Banner | May 15, 2024
Alejandro Roca Campaña from the World Intellectual Property Organization (WIPO) recently expressed his organization's willingness to enhance its collaboration with the World Trade Organization (WTO), utilizing its expertise in IP innovation to contribute to technology transfer discussions. The members of the Working Group showed their support for WIPO's request for observer status, in line with the mandate given by the Abu Dhabi Ministerial Declaration. This declaration urges the Working Group to continue collaborating with other relevant international organizations,...
World Bank supports Bosnia and Herzegovina's land administration modernization
By Globe Banner | May 15, 2024
The Federation of Bosnia and Herzegovina (FBiH) is set to modernize and enhance the accuracy and accessibility of its land administration data, thanks to a EUR 23.10 million World Bank loan approved for the Geospatial Infrastructure and Valuation Enhancement (GIVE) Project.
Brazil's golden grass crafts boost tourism in Jalapão
By Globe Banner | May 15, 2024
A small community in central Brazil, Mumbuca's quilombola, has gained recognition in the realms of tourism and design due to a native plant called golden grass. This plant is utilized to create accessories and decorative items, serving as both a source of income and pride for the Village's Association of Artisans and Extractors.
World Bank issues first CHF digital bond with Swiss National Bank and SIX Digital Exchange
By Globe Banner | May 15, 2024
The World Bank has collaborated with the Swiss National Bank (SNB) and SIX Digital Exchange (SDX) to issue its first CHF digital bond, marking a significant advancement in the digitalization of capital markets. The bond, which is valued at CHF 200 million and will mature over seven years, is the largest World Bank CHF bond issuance since 2009. It will be settled using Swiss Franc wholesale Central Bank Digital Currency (wCBDC), provided by the SNB.
French digital assets industry association submits twenty-two recommendations to the EU
By Globe Banner | May 15, 2024
The Association for the Development of Digital Assets (Adan), a French association comprised of 200 blockchain and cryptocurrency companies, has submitted a report to the European Union (EU) institutions. The report includes twenty-two recommendations on how Europe can leverage blockchain and cryptocurrency technologies to enhance data protection policies. Adan released its report on May 6, in anticipation of the European Parliament elections scheduled for June.
World Bank supports human capital development agenda in Tajikistan and Central Asia
By Globe Banner | May 15, 2024
DUSHANBE, May 15, 2024 – The World Bank and the Ministry of Finance of the Republic of Tajikistan have joined forces with several other ministries and development partners to host the International Human Capital Forum 2024 in Dushanbe. This forum took place from May 14-15 under the banner "Investing in People for Economic Growth". It emphasized the Tajik government's commitment to prioritizing individuals, particularly women, children, and adolescents from hard-to-reach communities, in their development initiatives.
Europe needs urgent investment in disaster resilience: World Bank
By Globe Banner | May 15, 2024
Europe is urged to increase its investments in disaster resilience, adaptation, and finance response to climate change, according to new reports on the Economics for Disaster Prevention and Preparedness. The reports were released by the World Bank and the European Commission today.
Mauritania tackles urbanization challenges with International Development Association grant
By Globe Banner | May 15, 2024
Mauritania, one of the countries with the highest urbanization rates in Africa, is grappling with climate-related challenges that have severely impacted its urban development. The country's urbanization rate is projected to increase to 3.8% in 2024. However, this growth has not been without obstacles. In August 2022, flooding caused damage equivalent to up to 3% of GDP and destroyed more than 4,000 dwellings.
WTO announces Lao PDR accepts Fisheries Subsidies Agreement
By Globe Banner | May 14, 2024
The World Trade Organization (WTO) has announced that the Lao People's Democratic Republic (PDR) has formally accepted the Agreement on Fisheries Subsidies. The instrument of acceptance from Lao PDR was presented by Ambassador Latsamy Keomany to Director-General Ngozi Okonjo-Iweala, bringing the total number of WTO members who have accepted the agreement to 74.
WTO announces Cambodia accepts Fisheries Subsidies Agreement
By Globe Banner | May 14, 2024
The World Trade Organization (WTO) has announced that Cambodia has formally accepted the Agreement on Fisheries Subsidies. The country's instrument of acceptance was presented by its Minister of Commerce, Cham Nimul, to WTO Deputy Director-General Angela Ellard. This brings the total number of WTO members who have accepted the agreement to 73.
Viet Nam's green transformation: A sustainable success story in the Mekong Delta
By Globe Banner | May 14, 2024
Le Dong Phuong, a seasoned farmer in Viet Nam's Mekong Delta, adjusts the sluice gate to allow water into her parched field. "Rice thrives on water," she states, her voice echoing the wisdom of countless harvests.
WTO dispute settlement reform talks proceed with new facilitator
By Globe Banner | May 14, 2024
Ambassador Dwarka-Canabady, who was appointed as facilitator by members and announced by the General Council Chair on 18 April, has reported her consultations with 34 delegations and group coordinators. These groups represent more than two-thirds of the membership and have been consulted on how to advance the work on dispute settlement reform. In addition to these discussions, Ambassador Dwarka-Canabady also met with technical experts from member delegations.
Cooperation among Global South nations: A solution for digital skills gap
By Globe Banner | May 14, 2024
The concept of cooperation among nations in the Global South has proven to be a successful strategy, enabling developing economies to support each other through knowledge and technology transfers. This approach could potentially address the digital infrastructure gap and aid in building a highly skilled workforce, thereby preventing emerging countries from falling further behind.
Trade data reveal changing patterns in electric vehicle market
By Globe Banner | May 14, 2024
The electric vehicle (EV) market is undergoing a significant transformation, with EVs accounting for over a third of all car imports in value terms by the end of 2023. This radical shift is redefining the automotive industry and reshaping global trade in transport equipment.
World Bank Group debars Jordan-based firm over sanctionable practices
By Globe Banner | May 14, 2024
The World Bank Group has announced a 30-month debarment of Marseille for Engineering & Trading S.A.L. Offshore, a Jordan-based company offering engineering and consulting services. This action is connected to a sanctionable practice as part of the Emergency Operation for Development Project in the Republic of Iraq.
World Bank approves $130.8 million grant for Uganda road project
By Globe Banner | May 14, 2024
The World Bank has approved financing for the Roads and Bridges in the Refugee Hosting Districts/Koboko-Yumbe-Moyo Road Corridor Project (KYM project), which was announced on September 20, 2020. The KYM project is fully funded by a grant of $130.8 million from the World Bank's International Development Association (IDA) Window for Host Communities and Refugees (WHR). This marks the first road project worldwide to be financed through the WHR.
World Bank diagnostic report identifies key growth areas for Armenia
By Globe Banner | May 14, 2024
The World Bank has released its Second Systematic Country Diagnostic (SCD) for Armenia, titled “Beyond Boundaries: Unlocking Potential for a Sustainable Tomorrow”. The report revisits the first diagnostic published in 2017 and provides an updated analysis of the country's development challenges and opportunities.
Utilizing AI & Machine Learning for Improved Urban Planning: A Realization of Jacobs' Vision
By Globe Banner | May 14, 2024
In 1981, urban design expert Allan B. Jacobs noticed a significant detail while visiting a housing development in Tangshan, China - hand-made grates covering many windows and porches. This observation led him to comment that such grates would indicate to visitors in the United States that the neighborhood was considered unsafe. When his Chinese colleague confirmed the same interpretation for China, Jacobs pondered why urban planners did not utilize these simple visual clues to understand neighborhoods.