Globe Banner News
World Bank approves $50 million for Cameroon's transport sector development
By Globe Banner | Jun 14, 2024
The World Bank has approved $50 million in additional financing from the International Development Association (IDA) to support the construction of urban roads in Bamenda, located in Cameroon's North-West region. This funding is part of the Cameroon Transport Sector Development Project, which aims to enhance transport planning, improve efficiency and safety on the Babadjou–Bamenda section of the Yaoundé–Bamenda transport corridor, and bolster safety at selected airports.
WIPO-WTO executive program concludes first edition focusing on intellectual property issues
By Globe Banner | Jun 14, 2024
Participants were welcomed by WIPO Deputy Director General Lisa Jorgenson and WTO Deputy Director-General Johanna Hill. Both underscored the importance of capacity-building initiatives jointly supported by both organizations.
Montenegro accepts WTO fisheries subsidies agreement
By Globe Banner | Jun 14, 2024
Montenegro has formally accepted the Agreement on Fisheries Subsidies, marking a significant step towards sustainable fishing practices. Director-General Okonjo-Iweala commented, “I am delighted that Montenegro has formally accepted the Agreement on Fisheries Subsidies. Montenegro's embrace of this agreement signals its dedication to aligning its fishing practices with sustainability objectives. This decisive step emphasizes the importance of collective action in safeguarding our oceans for generations to come and shows Montenegro's commitment to the multilateral trading...
World Bank approves $150 million to enhance primary education in Punjab
By Globe Banner | Jun 14, 2024
The World Bank’s Board of Executive Directors has approved $150 million for a project aimed at increasing participation rates in pre-primary and primary grades and enhancing reading proficiency in Punjab Province, Pakistan. The initiative, titled "Getting Results: Access and Delivery of Quality Education Services in Punjab Project" (GRADES), will focus on improving learning outcomes, recovering from COVID-19 related learning losses, strengthening school management, and expanding school participation levels.
Working Party Chair meets Somalian president to discuss WTO accession
By Globe Banner | Jun 14, 2024
The roundtable on the economic dimensions of peacebuilding was organized by the Federal Government of Somalia and Interpeace, an international organization focused on preventing violence and building lasting peace.
World Bank approves $40M program supporting refugees' aid & economic reforms in Moldova
By Globe Banner | Jun 14, 2024
The World Bank's Board of Executive Directors approved the Growth and Resilience Development Policy Operation (DPO) for the Republic of Moldova. This initiative aims to support the Moldovan government's efforts to assist refugees and households affected by Russia’s invasion of Ukraine, while maintaining progress on economic integration with the European Union (EU) and enhancing climate resilience.
World Bank Group addresses CAO investigation into Bridge International Academies
By Globe Banner | Jun 13, 2024
The World Bank Group issued a statement today regarding the IFC's investment in Bridge International Academies. The statement, released on behalf of Bank Group management and the IFC’s Board of Executive Directors, addressed concerns raised by a CAO investigation report.
World Bank mandates HSBC for $200 million Amazon reforestation bond
By Globe Banner | Jun 13, 2024
The World Bank (International Bank for Reconstruction and Development, IBRD) has mandated HSBC to structure a new outcome bond aimed at supporting reforestation efforts in the Brazilian Amazon region. This principal-protected outcome bond, with an expected nominal amount of approximately $200 million, will support the World Bank’s sustainable development activities while mobilizing private capital from foregone coupon payments to finance reforestation projects in Brazil.
Salvador advances digital transformation in public health sector
By Globe Banner | Jun 13, 2024
At 9:30 a.m. on a bustling Friday morning at the Imbuí Basic Health Unit in Salvador, family physician Suzane Araújo is with Clayton Arapiraca, a 62-year-old retiree in for a routine post-surgery check-up. Instead of sifting through physical files, Dr. Araújo simply logs into the Vida+ system on her computer. This digital tool, a key component of the municipality's public health digital overhaul, allows her to review Clayton's medical history, medications, vaccinations, and more, and to update his records on the spot.
U.S. Embassy advises caution for scheduled protest in Bratislava
By Globe Banner | Jun 13, 2024
The U.S. Embassy has issued a notice to American citizens regarding a scheduled protest in Bratislava on Friday, June 14.
World Bank approves $2.25 billion financing package for Nigerian economic reforms
By Globe Banner | Jun 13, 2024
The World Bank has approved two financial operations for Nigeria, totaling $2.25 billion. The initiatives include the $1.5 billion Nigeria Reforms for Economic Stabilization to Enable Transformation (RESET) Development Policy Financing Program (DPF) and the $750 million Nigeria Accelerating Resource Mobilization Reforms (ARMOR) Program-for-Results (PforR). These funds aim to support Nigeria's efforts to stabilize its economy and provide assistance to vulnerable populations.
World Bank emphasizes youth empowerment initiatives in Africa
By Globe Banner | Jun 13, 2024
The population of young people aged 15-24 in Africa is projected to reach 500 million by 2080. This growing working-age population presents an opportunity to enhance economic growth and lead to greater prosperity for billions on the continent. However, this potential can only be realized if the population is healthy, educated, and skilled.
World Bank Group engages stakeholders in developing new partnership framework for Pakistan
By Globe Banner | Jun 13, 2024
The World Bank Group (WBG) has initiated stakeholder consultations in Pakistan as part of the development of a new Country Partnership Framework (CPF). The CPF is designed to outline key objectives and development results to support Pakistan in its efforts to reduce poverty and enhance shared prosperity.
World Bank approves $4 million grant for inclusive carbon credit program in Ghana
By Globe Banner | Jun 13, 2024
The World Bank and Solidaridad West Africa (SWA) have signed a grant agreement for a US$4 million project aimed at enhancing social inclusion in the Ghana Cocoa Forest Reducing Emissions from Deforestation and Forest Degradation (REDD+) Program (GCRP). The initiative will engage 20,000 farmers from 100 communities, including women, youth, migrant farmers, and persons with disabilities, to improve their participation in climate action and ensure equitable access to emissions reduction benefits.
Nigeria embarks on significant economic reforms amid rising poverty
By Globe Banner | Jun 13, 2024
“Naija no dey carry last” is a popular term in Nigeria that conveys the resilient and enterprising spirit of Nigerians. Despite this optimism, many Nigerians, especially the youth, have become less hopeful about Nigeria’s potential to stand tall as a giant nation due to its inability to accelerate economic progress.
Bangladesh advised on adopting comprehensive strategies for sustainable development
By Globe Banner | Jun 13, 2024
DHAKA, June 13, 2024 — To achieve its vision of becoming an Upper Middle-Income Country by 2031, Bangladesh will need to adopt green growth strategies. This approach can be realized through institutional strengthening, regulatory reforms, climate-responsive public and private finance, and an enabling policy framework, according to a new World Bank report launched today.
Argentina urged to diversify economy for sustained growth
By Globe Banner | Jun 13, 2024
Argentina, endowed with abundant natural resources and a well-educated workforce, holds significant potential for sustained and inclusive economic growth. The country is home to the world's second-largest lithium deposits, the second-largest gas reserves, and the fourth-largest petroleum reserves. Additionally, Argentina ranks third in global soybean production.
Canada pledges $200 million to World Bank's hybrid capital initiative
By Globe Banner | Jun 13, 2024
Canada Pledges US$200 Million to World Bank’s Hybrid Capital
World Bank's Africa Office guides policy reforms with timely research
By Globe Banner | Jun 13, 2024
The Office of the Chief Economist in the Africa Region provides guidance on strategic priorities and generates timely, relevant knowledge on policy and institutional reforms in Sub-Saharan Africa. It produces research articles and reports on pressing development issues, disseminates knowledge widely, provides inputs that enrich the World Bank’s work in African countries, and fosters a strong community of economists within the World Bank and on the continent to advance the region’s development.
DPP outlines post-MC13 strategy focusing on plastics pollution
By Globe Banner | Jun 13, 2024
Several coordinators of the Dialogue — Australia, China, Ecuador, and Morocco — welcomed Mongolia and Mozambique as new members of the DPP, nearing the milestone of reaching half of the WTO membership. Praising the strong engagement of members, they said the Dialogue is moving to a new phase and will focus its work on specific items to achieve concrete outcomes.