The World Bank
Recent News About The World Bank
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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.
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World Bank introduces policy crediting to support global climate goals
The World Bank has developed an Engagement Roadmap for Carbon Markets to support countries in achieving their climate goals. This roadmap includes a new crediting approach called policy crediting, aimed at helping countries meet their Nationally Determined Contributions (NDCs) and align with Article 6 of the Paris Agreement.
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GAFSP introduces $75 million fund to boost agricultural investments
The Global Agriculture and Food Security Program (GAFSP) has announced a new $75 million investment window aimed at enhancing food security and agricultural development in low-income countries. The Business Investment Financing Track (BIFT) seeks to support smallholder farmers and micro, small, and medium-sized enterprises (MSMEs) in the agri-food sector.
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World Bank approves $56 million for improving rural road connectivity in Laos
A new World Bank project aims to improve connectivity in central and southern Laos, benefiting around 600,000 people by making rural roads more resilient to climate change. The $56 million Lao PDR Climate Resilient Road Connectivity Improvement Project was approved yesterday. It will support government efforts to enhance approximately 300 kilometers of district and rural roads in Khammuan, Saravan, and Savannakhet provinces.
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World Bank officials highlight importance of continued support for Haiti
On his first visit to Haiti at the end of August 2024, Dirk Reinermann, Director for Resource Mobilization with the World Bank’s International Development Association (IDA), toured the new location of the National Emergency Operations Center of the Direction Générale de la Protection Civile. The recently inaugurated 480 square-meter facility, partly financed by IDA, aims to improve coordination among populations at risk before, during, or after climatic, geological, or other events.
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Djibouti economy grows strongly amid challenges
Djibouti’s economy saw significant growth in 2023, with GDP rising by an estimated 6.7 percent. This growth was driven by a recovery in Ethiopia's demand for port and logistics services and strong domestic demand bolstered by private investment and government measures to counter inflation from the Russian invasion of Ukraine.
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World Bank backs Indonesian reforms for sustainable land management
A new land management reform initiative aims to help Indonesia achieve its climate objectives, with the World Bank's Board of Executive Directors approving a US$653 million project on September 30, 2024. The Integrated Land Administration and Spatial Planning (ILASP) project is designed to reduce greenhouse gas emissions associated with land conversion, particularly in the Forestry and Other Land Use sector. This effort aligns with Indonesia's target to cut emissions by 31 percent by 2030 and supports the Golden Indonesia 2045 vision.
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Niger expects economic recovery driven by oil revenues amid challenges
Niger's economy is expected to recover following a challenging year marked by political instability. This recovery hinges on favorable security and climate conditions, along with sustained oil production for exports, as detailed in the World Bank's latest economic update for Niger.
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World Bank official visits Haiti highlights ongoing support amid crises
On his first visit to Haiti at the end of August 2024, Dirk Reinermann, Director for Resource Mobilization with the World Bank’s International Development Association (IDA), toured the new location of the National Emergency Operations Center of the Direction Générale de la Protection Civile. The recently inaugurated 480 square-meter facility, partly financed by the International Development Association, will facilitate better coordination among populations at-risk before, during or after climatic, geological, or other events.
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Niger's economic resilience amid crises highlights urgent need for investment in education
In Niger, 2023 was marked by a severe political crisis that triggered regional commercial and financial sanctions and disrupted external financing. The sanctions lasted seven months, and an estimated 7.5% of GDP in external financing was not disbursed in 2023 due to disruptions in international development assistance. The report estimates that the crisis significantly reduced GDP growth to 2.0% in 2023 (-1.7% per capita), compared to 6.9% prior to the crisis.
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Romania publishes roadmap for developing offshore wind industry
The European Commission and the World Bank Group have collaborated with the Government of Romania to publish a new roadmap aimed at developing offshore wind energy in the Black Sea. The document, part of the project 'Internal energy market and energy transition in Romania,' received technical support from the European Commission’s Directorate General for Structural Reform Support (DG REFORM). The initiative was funded by the European Union through the Technical Support Instrument and implemented by the World Bank and International Finance Corporation (IFC), alongside DG...
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World Bank grants $30 million to support Zambian refugee policy
The World Bank has approved a new grant to help Zambia improve socio-economic opportunities for refugees and their host communities. The $30 million Zambia Refugee and Host Communities Project will focus on legislative reforms supporting the Government of Zambia’s 2023 Refugee Policy and invest in social and economic activities within the Meheba refugee settlement.
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Uruguay's Ceibal initiative highlights benefits of tech in education
Ceibal, Uruguay’s digital education initiative, offers valuable lessons for countries seeking to leverage technology for improved learning outcomes and educational equity. This brief explores Ceibal's journey from its initial goal of providing laptops to every student and teacher to its evolution into a comprehensive platform for educational innovation.
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World Bank Group expands partnership with IFRS Foundation on sustainability standards
The World Bank Group and the IFRS Foundation have announced their commitment to expand their partnership towards adopting sustainability standards in emerging markets and developing economies (EMDEs). This announcement was made during New York Climate Week.
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World Bank supports Serbia with EUR 25 million for innovation growth
Serbia is set to enhance its international competitiveness and accelerate economic growth by strengthening the links between scientists and innovators, supporting artificial intelligence (AI) solutions and biotechnology, and mobilizing private capital. The World Bank has approved EUR 25 million in additional financing through the Serbia Accelerating Innovation and Growth Entrepreneurship (SAIGE) Project to support these efforts.
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World Bank continues extensive support efforts for Afghan people
The World Bank Group has provided over $1.7 billion in support to the Afghan people since August 2021, focusing on service delivery for women and girls. The funds are managed outside the control of the Interim Taliban Administration (ITA).
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World Bank highlights economic benefits of nature-based tourism
Nature-based tourism is emerging as a significant driver for economic development and biodiversity conservation, according to recent findings. In areas rich in natural assets but with limited economic opportunities, nature-based tourism can create jobs and diversify rural economies. The spending by tourists on activities, transportation, food, and accommodation benefits local communities by generating jobs and income. This ripple effect extends to both poor and non-poor households.
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UN agencies collaborate with EU & World Bank Group against gender-based violence
The United Nations, European Commission, and World Bank Group have announced a joint commitment to prioritize gender equality and the eradication of violence against women and girls as part of their cooperation efforts. This initiative aligns with the 2030 Agenda for Sustainable Development.
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World Bank debars three Indian IT firms over collusive practices
The World Bank Group has announced the 15-month debarment of three India-based IT companies—Venus Softwares, Venus IT Solutions Private Limited, and Zytron Systems. This action is in response to collusive practices related to the West Bengal Institutional Strengthening of Gram Panchayats Program II in India.
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Governments urge increased investment in Latin American education at UN summit
On the sidelines of the 79th session of the United Nations General Assembly and the Summit of the Future, governments and multilateral organizations have called for increased financing for education in Latin America and the Caribbean. The Dominican Republic and Chile, supported by UNICEF, UNESCO, ECLAC, IDB, World Bank, CAF, OEI, CLADE, and Varkey Foundation, emphasized education as crucial for achieving Sustainable Development Goal 4.