The World Bank
Recent News About The World Bank
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World Bank emphasizes need for increased investment in global water security
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.
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World Bank outlines strategic shift towards sustainable growth in agriculture
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.
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Global Sovereign Debt Roundtable reviews progress on debt restructuring
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.
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World Bank suggests taxing harmful products could benefit Brazil's low-income families
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.
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World Bank's van Trotsenburg outlines four pillars for tackling climate crisis
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.
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World Bank launches global programs tackling major development issues
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.
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World Bank highlights Panama's progress but stresses need for equity
Despite its status as a high-income country, Panama continues to grapple with significant inequality. The nation has made strides in reducing poverty and closing social gaps, yet challenges remain on the path to a more equitable society.
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Morocco-World Bank partnership strengthens one year after Marrakech Annual Meetings
One year after the Marrakech Annual Meetings, the collaboration between Morocco and the World Bank continues to grow. The meetings in Marrakech gathered global leaders and representatives from various sectors to discuss critical issues such as climate change, debt management, employment, and gender equality. During these discussions, the World Bank revealed its plan to work towards a world free of poverty on a livable planet.
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Crecer Sano Project tackles malnutrition among Guatemala's indigenous communities
Guatemala faces significant challenges with chronic malnutrition, particularly in its indigenous communities. Nearly half of the country's children under five suffer from stunting, a condition exacerbated by poverty and limited access to healthcare. In response, the Crecer Sano Project was initiated in 2017 to address these issues, focusing on the first 1,000 days of life.
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Suriname joins World Bank's International Development Association as 175th member
Suriname has officially joined the World Bank Group's International Development Association (IDA), becoming its 175th member. This development marks a notable step in Suriname's ongoing efforts to enhance its economic and environmental resilience.
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Kingston waterfront redevelopment aims to enhance economy and community well-being
The World Bank and the Government of Jamaica have entered into a $12 million investment agreement aimed at revitalizing the Kingston waterfront. This initiative is expected to boost economic opportunities, improve quality of life, and attract private investments in Jamaica's capital.
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World Bank plans extensive program at COP16 focusing on biodiversity
The World Bank has organized a series of events at the COP16 conference on biodiversity, scheduled to take place in Cali, Colombia from October 21 to November 1, 2024. The events will occur primarily in the Blue Zone and will follow Colombia time (COT - UTC/GMT -5 hours).
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Pandemic Fund allocates $418M for global pandemic preparedness
The Pandemic Fund has approved $418 million in new grants to enhance pandemic preparedness in 40 countries across six regions. This marks the second round of funding, following a previous allocation of $128.89 million for five fast-tracked projects supporting ten countries affected by the mpox Public Health Emergency of International Concern. The total funding under this round amounts to $547 million, aiming to mobilize an additional $4 billion for pandemic prevention, preparedness, and response (PPR) investments.
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World Bank approves $63M for post-hurricane recovery in St. Vincent & Grenadines
The World Bank has approved $63 million in financing to support recovery efforts in St. Vincent and the Grenadines after Hurricane Beryl caused widespread destruction in July 2024. The funding, provided by the International Development Association, aims to aid communities affected by the hurricane, which was the most powerful storm to hit the region since 1875.
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World Bank boosts renewable energy projects in Haiti with $20 million grant
The World Bank has approved an additional $20 million in financing for the "Haiti: Renewable Energy for All Project." This funding, provided by the International Development Association, is intended to enhance renewable energy investments and improve electricity access across Haiti. The current state of Haiti's electricity sector presents a significant barrier to economic growth and effective emergency responses, with only 47.1 percent of the population having access to electricity as of 2021.
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Women empowerment key for economic growth in South Asia
Across South Asia, stories of successful working women coexist with a troubling statistic: the region has one of the lowest female labor force participation rates globally. According to the World Bank’s latest South Asia Development Update: Women, Jobs and Growth, only 32 percent of working-age women are employed compared to 77 percent of men.
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Economic outlook for Europe and Central Asia shows mixed results
Economic growth in the developing economies of Europe and Central Asia is projected to slow down to 3.3% in 2024, compared to 3.5% in 2023. This deceleration is largely attributed to economic slowdowns in the region's two largest economies, the Russian Federation and Türkiye. The primary drivers of growth are private consumption and supportive fiscal policies, though external demand remains weak due to sluggish economic growth among major trading partners like the European Union.
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World Bank releases latest Nigeria Development Update
The Nigeria Development Update (NDU) is a biannual report series by the World Bank. The NDU evaluates recent economic and social developments and prospects in Nigeria, placing these within a longer-term and global context. It also offers an in-depth examination of selected economic and policy issues, as well as an analysis of Nigeria’s medium-term development challenges. The report targets a broad audience, including policymakers, business leaders, financial market participants, and analysts engaged in Nigeria's evolving economy.
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International Development Association aids low-income nations through sustainable nature investments
In many low-income countries, nature serves as a path out of poverty. Sectors such as forestry, fishing, and ecotourism can create jobs, boost economies, and increase resilience to climate change if managed sustainably. However, these countries are also the most affected by the unprecedented loss of biodiversity today. The loss of just a few key ecosystem services could cost low-income countries 10% of their annual GDP by 2030. Many have begun to see recent development progress undermined by environmental degradation, pollution, and climate impacts.
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World Bank predicts stable Albanian economy amid structural reform efforts
Albania's economic growth is projected to remain strong in 2024 at 3.3%, supported by private consumption, tourism, and construction. The World Bank's Western Balkans Regular Economic Report anticipates a slight acceleration to 3.4% in 2025.