The World Bank
Recent News About The World Bank
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World Bank raises $5 billion through sustainable development bond
The World Bank has announced the pricing of a five-year benchmark bond, raising USD 5 billion to support sustainable development activities in developing countries. The bond, which matures in October 2029, attracted over USD 11 billion in orders from 175 high-quality investors. These investors included bank treasuries, official institutions, and asset managers.
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Off-grid solar aims to electrify nearly 400 million people globally by 2030
Off-grid solar power is positioned as a key solution for providing electricity to almost 400 million people globally by 2030, according to the latest Off-Grid Solar Market Trends Report (MTR) 2024. The report, published by the World Bank’s Energy Sector Management Assistance Program (ESMAP) and GOGLA, highlights the potential of off-grid solar as the most cost-effective method to supply energy access to those currently without it.
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World Bank highlights need for fiscal tools in Equatorial Guinea's forestry sector
The World Bank released the 2024 Equatorial Guinea Economic Update on October 8, which examines the nation's recent economic trends and future outlook. The report emphasizes the significance of creating effective fiscal instruments to promote sustainable forestry and diversify the economy.
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Pacific cities embrace sustainable mobility with World Bank's new car-lite initiative
In March 2024, Saint John Bosco Primary School in Tarawa, Kiribati, underwent a significant transformation. Students and community members collaborated to enhance the area by adding a crosswalk, narrowing the road at the crossing, clearing debris, painting murals on the road, planting coconut trees, and installing no-parking signs. These changes resulted in traffic speed reduction from 34.7 to 19.7 km/h and increased car stops for pedestrians from 9 percent to 81 percent. The initiative improved safety for students walking to school daily and beautified the neighborhood.
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World Bank unveils strategy for inclusive growth in Zimbabwe
The World Bank Group has announced the approval of a new Country Engagement Note (CEN) for Zimbabwe, covering the period from 2025 to 2026. This strategy is designed to support Zimbabwe's immediate development priorities and aligns with the nation's Vision 2030 and the National Development Strategy 2021-2025. The CEN aims to contribute to the World Bank Group's overarching goals of ending extreme poverty and promoting shared prosperity.
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World Bank approves $150 million fund to boost Nepal's disaster response
The World Bank has approved $150 million in contingent financing for Nepal to address natural or climate-induced hazards and health emergencies. The financial support, known as the Nepal Disaster Resilience Development Policy Credit with Catastrophe Deferred Drawdown Option (Cat DDO), aims to bolster policy and regulatory reforms that enhance disaster resilience and improve institutional mechanisms for effective disaster response.
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World Bank approves $800 million support for Uzbekistan's reform initiatives
The World Bank's Board of Executive Directors has approved an $800 million financial package in concessional loans to support Uzbekistan's reform agenda. The aim is to facilitate the country's transition to a more inclusive and resilient market economy.
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Nigeria addresses high maternal mortality with new initiatives
Hajiya A'ishatu, a resident of Tudun-Wada city in Nigeria's Gombe State, shares her gratitude for the care she received at the Tudun Wada Primary Health Care Facility. "I had all my children in this facility," she says. "My family is grateful for everything the doctors and nurses did for us here." Her experience reflects Nigeria's ongoing efforts to improve maternal and child health services, particularly in underserved areas.
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World Bank approves EUR 80 million loan for Montenegro's fiscal stability
The World Bank Group's Board of Executive Directors has approved a EUR 80 million loan to Montenegro. The funding aims to bolster fiscal sustainability and promote sustainable development in the country. This initiative, known as the Montenegro First Resilient Fiscal and Sustainable Development Policy Financing (DPF), seeks to enhance revenue generation, improve spending oversight, reduce fiscal risks, and address environmental degradation and climate change challenges.
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IMF, World Bank Group, WHO collaborate on global pandemic preparedness
The International Monetary Fund (IMF), the World Bank Group (WBG), and the World Health Organization (WHO) have announced a collaborative effort to enhance pandemic preparedness. This initiative aims to provide countries with increased support in preventing, detecting, and responding to public health threats through various means including the IMF’s Resilience and Sustainability Trust (RST), WBG’s financial and technical assistance, and WHO’s expertise.
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World Bank approves $250 million project for renewable energy in Lebanon
The World Bank has approved a $250 million project aimed at enhancing renewable energy in Lebanon by restoring electricity grid services and supporting ongoing reforms. This decision comes as Lebanon's electricity sector faces significant operational and financial challenges due to recent crises.
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World Bank report reveals gaps between regulations and public services in global economies
The World Bank Group's newly released Business Ready report highlights a disparity between regulatory frameworks and public services across 50 economies. While many nations have established regulations to enhance the business environment, they fall short in delivering the necessary public services to ensure tangible progress. The report evaluates each economy with 1,200 indicators, providing insights into areas requiring improvement and encouraging reforms.
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World Bank launches plan targeting gender inequalities in Sierra Leone
The World Bank has introduced the Sierra Leone Country Gender Action Plan (C-GAP), a strategy aimed at reducing gender inequalities and promoting equality across various sectors in Sierra Leone. This initiative is aligned with the World Bank Group’s Sierra Leone Country Partnership Framework for 2021-2026 and the WBG Gender Strategy for 2024-2030.
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World Bank projects Nepal's economic growth despite financial risks
Nepal's economic growth is projected to rise to 5.1 percent in FY25 from 3.9 percent in FY24, as stated in the World Bank’s latest report, "Nepal Development Update: International Migration and Well-being in Nepal." This growth is expected due to increased tourist arrivals, hydropower, and paddy production.
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World Bank reports Jordan's economic resilience amid regional challenges
Jordan's economy demonstrated resilience in 2023 and early 2024, as highlighted in a World Bank report released today. The report notes that real GDP increased to 2.7 percent in 2023, a modest rise from the previous year. This growth was achieved despite a challenging regional environment and was driven by diverse economic sectors, including manufacturing, agriculture, services, restaurants, and hotels.
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World Bank supports vulnerable populations in Myanmar through community project
The World Bank has extended direct support to Myanmar's poor and vulnerable population through the Myanmar Community Support Project (MCSP). This initiative, financed by the Myanmar Partnership Multi-Donor Trust Fund with $22.4 million, was operational from January 2023 to September 2024. The project was implemented by two international partners: the International Committee of the Red Cross (ICRC) and the World Food Programme (WFP), aiming to channel resources directly to communities.
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Investment framework aims to tackle global malnutrition with evidence-based strategies
The Investment Framework for Nutrition 2024 highlights the ongoing global nutrition challenges, despite progress in reducing child stunting. Currently, 148 million children worldwide are still stunted, and nearly half of the global adult population is either obese or overweight.
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World Bank supports Myanmar's vulnerable population through community project
The World Bank has announced its support for Myanmar's poor and vulnerable population through the Myanmar Community Support Project (MCSP). The initiative is backed by financing from the Myanmar Partnership Multi-Donor Trust Fund, amounting to $22.5 million. Implemented between January 2023 and September 2024, the project was executed in collaboration with two international partners: the International Committee of the Red Cross (ICRC) and the World Food Programme (WFP). The project's aim is to provide resources directly to communities, focusing on food security and...
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World Bank explores expansion of partnership with Uzbekistan
Antonella Bassani, World Bank Regional Vice President for Europe and Central Asia, recently visited Uzbekistan. Her visit spanned from September 26 to 30, 2024, during which she met with President Shavkat Mirziyoyev and other senior government officials in Tashkent. In Samarkand, she attended the Asian Infrastructure Investment Bank (AIIB) Annual Meetings and engaged in discussions aimed at enhancing cooperation with partner multilateral development banks.
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World Bank endorses new strategic partnership for Suriname's development
The World Bank Group's Board of Directors has endorsed a new strategic partnership for Suriname, aimed at supporting the country's long-term development over the next four years. This strategy focuses on fostering economic resilience, promoting inclusive growth, and strengthening institutional governance.