Globe Banner News
World Bank doubles commitment in agribusiness aiming for $9 billion annually by 2030
By Globe Banner | Oct 23, 2024
The World Bank Group has announced a significant shift in its approach to agribusiness, aiming to create a comprehensive ecosystem for the industry. This new strategy will see the institution double its agri-finance and agribusiness commitments to $9 billion annually by 2030. The announcement comes as four key trends—climate change, financial innovations, digitalization, and solutions to fragmentation—are reshaping the agribusiness landscape.
World Bank Group partners with Austria for new Vienna Development Knowledge Center
By Globe Banner | Oct 23, 2024
Austria has been a long-standing partner of the World Bank Group (WBG), supporting various knowledge programs over the years. These programs have covered topics such as financial sector reform, investment climate, urban development, climate change, and water management. Recently, Austria supported the expansion of the WBG Vienna office into a significant operations hub for the Europe and Central Asia (ECA) region, which now hosts over 300 staff.
WTO conducts trade policy review for Maldives
By Globe Banner | Oct 23, 2024
The World Trade Organization (WTO) is set to conduct a Trade Policy Review for the Maldives. This review involves an examination and evaluation of the country's trade and related policies. The WTO Secretariat has prepared a detailed report independently, which will be discussed by the WTO's full membership in the Trade Policy Review Body (TPRB).
World Bank emphasizes need for increased investment in global water security
By Globe Banner | Oct 23, 2024
Axel van Trotsenburg, Senior Managing Director at the World Bank Group, addressed the pressing issue of water security at the "Financing Water Security: Increasing Investments to Close the Gap Between Water Demand and Supply" event. Van Trotsenburg highlighted that over 2.2 billion people lack access to safe drinking water, with 3.5 billion living without safely managed sanitation. He emphasized that these deficiencies affect public health, environmental sustainability, food security, and social stability.
World Bank outlines strategic shift towards sustainable growth in agriculture
By Globe Banner | Oct 23, 2024
Washington, DC – On October 23, 2024, World Bank Group President Ajay Banga delivered remarks at the "Agriculture and Food as an Engine of Sustainable Growth and Jobs" event during the 2024 World Bank Group Annual Meetings. Banga outlined a new strategic approach to agribusiness that leverages emerging shifts in agriculture to address global food demand projected to increase by 50 to 60 percent in the coming decades.
U.S., CARICOM collaborate on combating firearm trafficking
By Globe Banner | Oct 23, 2024
On October 23, 2024, Ambassador Nicole D. Theriot addressed the CARICOM Crime Gun Intelligence Unit Sensitization and Awareness Workshop.
Global Sovereign Debt Roundtable reviews progress on debt restructuring
By Globe Banner | Oct 23, 2024
The Global Sovereign Debt Roundtable (GSDR) convened today in Washington, DC, to evaluate progress on enhancing debt restructuring processes and timelines. The discussions also focused on identifying priority areas for future work aimed at addressing debt vulnerabilities.
WhatsApp channel launched for U.S. citizens in Brazil
By Globe Banner | Oct 23, 2024
U.S. citizens residing in Brazil now have an additional way to receive important messages and alerts from the U.S. Embassy and Consulates through WhatsApp.
KfW report shows tougher credit conditions for German businesses
By Globe Banner | Oct 23, 2024
Banks in Germany have tightened their loan criteria for businesses during the third quarter, according to recent findings from the KfW ifo Credit Constraint Indicator.
Global economic outlook focus of ninth high-level RFA dialogue
By Globe Banner | Oct 23, 2024
The ninth High-level Regional Financing Arrangements (RFAs) Dialogue took place on October 23, 2024, in Washington, DC. The meeting occurred amid a global economic outlook that is improving yet remains fragile due to a complex geoeconomic environment and policy uncertainty. Recent volatility in global financial markets highlighted the necessity of a robust Global Financial Safety Net, which includes collaboration between the International Monetary Fund (IMF) and RFAs.
World Bank suggests taxing harmful products could benefit Brazil's low-income families
By Globe Banner | Oct 23, 2024
Brazil is considering a strategic approach to taxation that could enhance public health and government revenue, according to a new policy note from the World Bank. The focus is on taxing tobacco, alcohol, and sugary drinks to reduce mortality rates.
Report outlines pathways for coordinated global climate action
By Globe Banner | Oct 23, 2024
Five international organizations have released a comprehensive report aimed at promoting coordinated approaches to climate action, carbon pricing, and addressing policy spillovers. The Joint Task Force on Climate Action, Carbon Pricing, and Policy Spillovers presented the report titled "Working Together for Better Climate Action: Carbon Pricing, Policy Spillovers, and Global Climate Goals" on October 23 in Washington, DC. This task force was convened by the World Trade Organization (WTO) and included contributions from the International Monetary Fund (IMF), the Organization...
Attorneys general urge Biden to secure release of ex-federal agent from Nigeria: 'It is miraculous that he has managed to survive'
By Globe Banner | Oct 23, 2024
A bipartisan group of 18 state attorneys general has called on President Joe Biden and Secretary of State Antony Blinken to secure the release of Binance employee Tigran Gambaryan from a Nigerian prison. The attorneys general shared their statement in an October 18 letter.
World Bank's van Trotsenburg outlines four pillars for tackling climate crisis
By Globe Banner | Oct 22, 2024
Axel van Trotsenburg, Senior Managing Director, addressed the V20 Ministerial Dialogue XIII, emphasizing four key elements crucial to tackling the climate crisis and fostering sustainable growth. He began by highlighting the importance of solid national policies as foundational for building climate ambition. "They can set a clear direction of travel to redirect subsidies to be more effective," he stated.
IMF reaches staff-level agreement on reviews of Rwanda's financial arrangements
By Globe Banner | Oct 22, 2024
From October 7 to October 20, 2024, an International Monetary Fund (IMF) team led by Ruben Atoyan engaged in discussions with Rwandan authorities regarding the nation's policy priorities and reform progress. These discussions took place within the framework of the fourth reviews of Rwanda’s Policy Coordination Instrument (PCI) and Resilience and Sustainability Facility (RSF), along with the second review of the Stand-by Credit Facility (SCF) arrangement. The IMF Executive Board is expected to consider these reviews in December 2024. Following this review, Rwanda may access...
African Caucus meeting discusses strategies for strengthening Africa's economic resilience
By Globe Banner | Oct 22, 2024
On October 22, 2024, Mr. Wale Edun, Nigeria’s Minister of Finance and Chair of the African Caucus, alongside Ms. Kristalina Georgieva, Managing Director of the International Monetary Fund (IMF), released a statement following the conclusion of an African Caucus meeting in Washington, DC.
WTO hosts regional trade policy course in Saudi Arabia
By Globe Banner | Oct 22, 2024
The World Trade Organization (WTO) is currently conducting a regional trade policy course in Saudi Arabia. This initiative involves experts from the WTO Secretariat, regional institutions, and King Saud University who will share insights on various topics such as tariff schedules, agriculture, trade remedies, services, intellectual property rights, e-commerce, and fisheries subsidies. The course aims to foster collaboration and knowledge-sharing among participants.
G-24 addresses global economic concerns amid geopolitical tensions
By Globe Banner | Oct 22, 2024
The Intergovernmental Group of Twenty-Four on International Monetary Affairs and Development (G-24) recently convened in Washington, D.C., addressing several pressing global issues. The meeting, chaired by Ralph Recto from the Philippines, focused on humanitarian crises, economic stability, and multilateral cooperation.
Kuwait accepts fisheries subsidies agreement; joins other Arab nations in sustainable efforts
By Globe Banner | Oct 22, 2024
Kuwait has formally accepted the Agreement on Fisheries Subsidies, becoming the seventh Arab nation to do so. Director-General Okonjo-Iweala welcomed this move, stating that Kuwait's acceptance is a significant step towards sustainable marine fisheries and combating illegal fishing activities. She emphasized the importance of eliminating illegal, unreported, and unregulated (IUU) fishing to advance global food security.
World Bank launches global programs tackling major development issues
By Globe Banner | Oct 21, 2024
The World Bank Group has introduced a series of Global Challenge Programs (GCPs) designed to address significant development issues with increased efficiency and impact. These programs are a part of the Better Bank initiative, aiming to integrate public and private solutions to global challenges more effectively. The GCPs represent a strategic shift from minor adjustments to substantial innovation, targeting areas where the World Bank Group can make a notable difference.