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The Federal Financial Institutions Examination Council (FFIEC) has released a new booklet aimed at aiding examiners in assessing information technology practices within financial institutions. The "Development, Acquisition, and Maintenance" booklet outlines fundamental examination expectations related to development and acquisition planning and execution, governance and risk management, as well as maintenance and change management practices.

World Bank highlights gaps in climate finance among emerging market banks

WASHINGTON, August 29, 2024 — In almost 60% of banks in Emerging Market and Developing Economies (EMDEs), lending for climate-related investment accounts for less than 5% of their overall portfolios, and more than one-quarter offer no climate financing at all, according to a new World Bank report.

World Bank aids Batken region in post-conflict recovery

Баткенская область Кыргызской Республики, расположенная на юго-западе страны и граничащая с Таджикистаном и Узбекистаном, известна своими горными пейзажами и культурным разнообразием. Однако этот регион остается малоразвитым и сталкивается с серьезными вызовами, особенно после конфликта вдоль кыргызско-таджикской границы в сентябре 2022 года. Конфликт привел к гибели десятков людей и разрушению объектов социальной инфраструктуры, таких как школы, детские сады и медицинские учреждения. Этот кризис значительно повлиял на местных жителей, нарушив процесс обучения и ограничив...

U.S economy shows growth as GDP rises by three percent

Real gross domestic product (GDP) increased at an annual rate of 3.0 percent in the second quarter of 2024, according to the "second" estimate released by the U.S. Bureau of Economic Analysis. In the first quarter, real GDP increased by 1.4 percent.

World Bank aids Kyrgyz Republic's post-conflict recovery

The Kyrgyz Republic’s Batken region, located in the country’s southwest and bordering both Tajikistan and Uzbekistan, is celebrated for its mountainous landscapes and rich cultural diversity. However, this remote area remains underdeveloped and has faced significant challenges, particularly following conflict along the Kyrgyz-Tajik border in September 2022, which claimed dozens of lives and caused damage, destruction, and closure of public infrastructure like schools, kindergartens, and health clinics. This significantly impacted local children and families, disrupting...

US citizen’s 6 month detention in Nigeria alarms international business community

The six month detention of Tigran Gambaryan, a U.S. citizen and former federal agent, now employed by cryptocurrency exchange Binance, is raising concerns about Nigeria’s international business reputation and its attractiveness to foreign investors.

World Bank calls for better-targeted agricultural subsidies

The bulk of government support to agriculture provides short-term benefits that are often at the cost of long-term outcomes for people, economies, and the planet. Globally, agriculture receives more than $700 billion a year in public support. Much of this is poorly targeted: each subsidized dollar farmers receive generates only 35 cents in additional output. Agricultural policies play a critical role in the development of resilient food supply chains. But many policies create incentives that favor unsustainable production, increasing emissions, accelerating land degradation,...

USTR delegation visits Quito for ministerial meeting on Americas partnership

A delegation from the Office of the United States Trade Representative, led by Ambassador Katherine Tai, visited Quito this week.

Mobilizing capital for development in agriculture

Transforming food systems to reduce carbon emissions and achieve the Sustainable Development Goals requires a significant increase in investment across the agricultural value chain. Large, coordinated flows of public and private capital are needed to address decades of underinvestment and meet current and future challenges.

Blinken highlights US-Ecuador partnership on National Day

On August 10, 2024, U.S. Secretary of State Antony J. Blinken issued a statement in recognition of Ecuador's National Day.

U.S. Embassy invites citizens to open house on September 17

U.S. citizens are invited to an open house event at the U.S. Embassy in Bratislava on September 17, 2024, from 4:00 to 5:30 PM.

U.S. introduces tool to assess illegal gold mining impact in Amazon

The United States Government recently introduced the Illegal Gold Mining Impact Calculator in Quito, aiming to highlight the economic, social, and environmental impacts of illegal gold mining.

Arthur W. Brown takes role as new U.S. ambassador to Ecuador

The new U.S. Ambassador to Ecuador, Arthur W. Brown, has arrived in Quito to lead the U.S. Diplomatic Mission in both Quito and Guayaquil.

The Digital Chamber: Negative business sentiment in Nigeria could 'help lead the effort to bring Tigran home'

The Digital Chamber (TDC) has expressed concerns that the departure or potential departure of companies from Nigeria could pressure the Nigerian government to release Tigran Gambaryan, the head of financial crime compliance at Binance. Gambaryan has been imprisoned for nearly six months. TDC shared its statement in an August 22 post on X.

Upcoming Finance and Prosperity Report 2024 offers critical insights

Discover the critical insights of the upcoming Finance and Prosperity Report 2024 through these compelling interactive graphs. Engage with these visualizations to explore the data, understand the trends, and gain valuable insights into the future of finance and prosperity.

World Bank emphasizes resilience in global food security amid climate challenges

Food and nutrition security crises are expected to persist in the coming years. While it is impossible to avoid shocks, especially with the intensification of climate change, their impacts can be mitigated to prevent significant setbacks in achieving long-term development goals. This necessitates improved preparedness for swift responses when crisis risks first appear and bolstering innovative efforts to construct resilient food and nutrition systems globally.

Nordea resolves US probe into past anti-money laundering practices

Nordea has reached a resolution with the New York State Department of Financial Services (DFS) concerning its anti-money laundering (AML) procedures from 2008 to 2019.

Kinshasa adopts nature-based solutions to tackle urbanization challenges

Kinshasa, the capital city of the Democratic Republic of the Congo, is experiencing rapid urban growth, expanding by approximately 2,000 people and five hectares daily. This expansion has led to significant challenges, including flooding, soil erosion, and increased temperatures due to the replacement of green spaces with concrete and metal structures.

World Bank approves $110 million loan for Sergipe's fiscal sustainability initiative