The World Bank
Recent News About The World Bank
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World Bank launches $2.48 billion initiative for digital inclusion in Africa
WASHINGTON, June 27, 2024 – A new program aimed at benefiting over 180 million people by 2032 is set to significantly increase internet access and the inclusive use of digitally enabled services in Eastern and Southern Africa.
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World Bank funds IDEA program for digital transformation in Eastern & Southern Africa
The Inclusive Digitalization in Eastern and Southern Africa (IDEA) program aims to increase internet access and the inclusive use of digitally enabled services. With $2.48 billion in funding from the International Development Association (IDA) and International Bank for Reconstruction and Development (IBRD), IDEA seeks to address challenges such as limited internet coverage, inadequate data infrastructure, high costs of data and devices, limited digital skills, cybersecurity risks, and data protection. The program will be implemented over eight years with Angola, Democratic...
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Inclusive Digitalization Program targets improved internet access across Eastern & Southern Africa
The Inclusive Digitalization in Eastern and Southern Africa (IDEA) program aims to enhance internet access and the use of digitally enabled services across 15 countries and Regional Economic Communities. Funded with $2.48 billion from the International Development Association (IDA) and International Bank for Reconstruction and Development (IBRD), IDEA addresses challenges such as limited internet coverage, inadequate data infrastructure, high costs of data and devices, limited digital skills, cybersecurity risks, and data protection issues. The program is expected to drive...
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Burkina Faso's economy grows amid security crisis; inflation falls
The economy of Burkina Faso demonstrated resilience in 2023, with a growth rate of 3.2% despite ongoing security challenges. Inflation decreased to 0.7%, attributed to declining local product prices. This marked an improvement from the previous year’s sluggish economic performance, where GDP growth was at 1.8%. The successful agricultural season contributed to the downward trend in inflation, which turned negative from May to October 2023.
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World Bank urges increased public health spending for sustainable growth
KAMPALA, June 27, 2024 — Economic activity in Uganda has remained resilient despite multiple successive shocks, with real gross domestic product (GDP) accelerating from 5.3% in FY22/23 to an estimated 6% in FY23/24, a new World Bank report notes. The expansion was driven by oil-related construction activity and the growth of the mining and quarrying sector, which benefited from sustained increases in gold prices and an improved domestic environment for artisanal mining.
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World Bank launches major initiative for energy efficiency in Europe & Central Asia
The World Bank has announced a significant new regional initiative aimed at accelerating energy efficiency across Europe and Central Asia. The 10-year "Scaling Up Energy Efficiency in Europe and Central Asia Program" (E3 Program) is expected to save over 63 terawatt hours (TWh) of energy, equivalent to Switzerland's annual electricity production, and reduce CO2 emissions by 18.7 million metric tons.
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Inclusive Digitalization program aims to expand internet access across Eastern & Southern Africa
The Inclusive Digitalization in Eastern and Southern Africa (IDEA) Program aims to increase internet access and the inclusive use of digitally enabled services across 15 countries. Funded with $2.48 billion from the International Development Association (IDA) and International Bank for Reconstruction and Development (IBRD), IDEA seeks to address challenges such as limited internet coverage, inadequate data infrastructure, high costs of data and devices, limited digital skills, cybersecurity risks, and data protection issues. The program's objective is to foster sustainable...
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Climate-smart agriculture transforms lives in Eastern Zambia
In Zambia’s Eastern Province, Wilson Banda, a lead farmer, is teaching other farmers at a field school in Katete how planting shade trees can enhance soil nutrients and improve harvests. Training teams of farmers in such practices has transformed the region's negative cycle into a positive one. Previously, poor farming practices caused soil degradation, leading to deforestation for agriculture and further ecosystem disruption. Farmers are now adopting climate-smart agriculture practices such as precision farming, agroforestry, crop rotation, crop diversification, and...
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World Bank reports deepening crises for Yemen's economy amid ongoing conflict
Yemen’s economy continues to face significant hurdles as ongoing conflict and regional tensions exacerbate the nation's economic and humanitarian crises, according to the World Bank’s latest Yemen Economic Monitor. Yemen's GDP is projected to contract by 1.0% in 2024, following a 2.0% contraction in 2023 and modest growth of 1.5% in 2022. Between 2015 and 2023, Yemen experienced a 54% decline in real GDP per capita, leaving the majority of Yemenis in poverty. Food insecurity affects half the population, and youth mortality rates have surged.
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Zambia farmers adopt climate-smart practices boosting yields
In Zambia’s Eastern Province, Wilson Banda, a lead farmer, is teaching other farmers at a field school in Katete how planting shade trees can help nutrients in the soil and lead to better harvests.
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Report underscores importance of fostering inclusive growth through Somalia's resilient private sector
NAIROBI, June 26, 2024 — Since Somalia’s private sector accounts for an estimated 95 percent of total jobs created, marshaling the private sector to support the country’s development is critical for reconstruction, transitioning from fragility, and generating more inclusive economic dividends for its people. The country also needs to focus on growth to avoid falling back into debt, create jobs, and enhance economic opportunities for citizens.
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Bhutan partners with World Bank to assess primary healthcare challenges
Bhutan faces emerging health challenges with a shifting burden towards noncommunicable diseases and an aging population. The country continues to address high rates of malnutrition and disparities in access to maternal and child health services. To respond to these evolving challenges and develop a more resilient health system, the Royal Government of Bhutan has partnered with the World Bank to assess the current status and identify strengths and opportunities within the existing primary health care (PHC) system.
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World Bank calls for increased investment in Tanzania's livestock sector amid climate challenges
DAR ES SALAAM, June 2024— Tanzania's livestock sector plays a crucial role in providing livelihoods for millions of citizens, with considerable potential to also play a leading role in regional production and trade. The country’s cattle population of 36.6 million is the second largest in Africa after Ethiopia, representing 1.4% of the global cattle population and 11% of the African cattle population. Tanzania also has a large number of sheep, goats, chickens, and pigs, ranking it among the top ten on the continent in terms of overall livestock amounts.
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World Bank approves $95M package for resilience and growth in Fiji
A new package of World Bank support to Fiji, approved last week, will see a major boost for the country’s fiscal, climate, and disaster resilience, as well as efforts to support private sector development.
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World Bank Group debars Ernst & Young LLP Kenya over sanctionable practices
The World Bank Group (WBG) announced the 30-month debarment of Kenya-based Ernst & Young LLP (EY Kenya), which provides services including assurance, tax, consulting, advisory, and information technology. The debarment is linked to sanctionable practices within the Somali Core Economic Institutions and Opportunities Program (SCORE) and the Second Public Financial Management Capacity Strengthening Project (PFM II) in Somalia.
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World Bank reports slowed remittance growth for LMICs in 2023
After a period of strong growth during 2021-2022, officially recorded remittance flows to low- and middle-income countries (LMICs) moderated in 2023, reaching an estimated $656 billion, according to the World Bank’s latest Migration and Development Brief released today.
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World Bank Group addresses severe food insecurity in Gaza
The World Bank Group issued a statement today expressing deep concern over the ongoing humanitarian crisis in Gaza. According to a new report by the Integrated Food Security Phase Classification (IPC) initiative, of which the World Bank is a partner, 96 percent of Gaza's population—approximately 2.15 million people—are experiencing high levels of acute food insecurity.
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Equatorial Guinea explores pathways towards developing an inclusive digital economy
In the wake of new challenges and its prolonged oil dependency, Equatorial Guinea’s government is aiming for economic diversification as a key course of action for growth and stability. The adoption of digital technologies has the potential to increase the productivity of Small and Medium-sized Enterprises (SMEs), stimulate innovation, and create high-skilled jobs in Equatorial Guinea. Digital transformation could therefore play a critical role in diversifying Equatorial Guinea’s economy in the upcoming years.
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Equatorial Guinea seeks economic diversification through strategic push towards inclusive digital transformation
In the wake of new challenges and prolonged oil dependency, Equatorial Guinea’s government is aiming for economic diversification as a key course of action for growth and stability. Digital transformation could play a critical role in driving diversification, financial inclusion, poverty reduction, and job creation. In 2021, the National Development Plan 2035 introduced technology and innovation as a cross-cutting theme, placing the digital economy at the center of the diversification strategy. The government is also implementing the Digital Agenda for Equatorial Guinea...
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World Bank announces $700 million financing to support sustainable growth in Egypt
The World Bank has announced a US$700 million Development Policy Financing (DPF) for the Government of Egypt to support the country's transition towards increased private sector participation, enhanced macroeconomic and fiscal resilience, and a greener growth trajectory.