The World Bank
Recent News About The World Bank
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Myanmar's economic outlook remains bleak amid ongoing conflicts
YANGON, June 12, 2024 — Myanmar’s economy continues to face significant challenges and growth is expected to remain feeble as conflict, macroeconomic instability, and dislocation constrain production, according to a new report.
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World Bank supports reform in Ghana's energy sector with $260 million funding
WASHINGTON, June 12, 2024 – The World Bank has approved a $250 million credit from the International Development Association (IDA) and a $10 million grant from the Energy Sector Management Assistance Program for a four-year Ghana Energy Sector Recovery Program for Results (PforR). This initiative aims to support Ghana’s Energy Sector Recovery Programme (ESRP) by enhancing the financial viability of electricity distribution and increasing access to clean cooking solutions.
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World Bank funds $30 million governance reform project in Liberia
WASHINGTON, June 12, 2024 – The World Bank approved financing for the Governance Reform and Accountability Transformation (GREAT) Project. This flagship project, funded by an International Development Association (IDA) credit of US$30 million, aims to enhance access to selected digitally provided public services, raise tax revenues, and improve the openness and accountability of institutions. It will also strengthen the use of country systems and sustainably build the capacity of civil servants to implement reform programs.
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Senegal sees GDP growth amid declining inflation
Senegal's economy experienced growth in 2023, driven by the resilience of the primary sector. Real GDP growth is estimated at 4.3%, translating to 1.5% in per capita terms for the year. This marks a slight increase from the 3.8% growth rate recorded in 2022 and surpasses initial projections of 4.1%. Inflation, which had reached a peak of 9.7% in 2022, declined to 5.9%. Additionally, improvements in the current account deficit have bolstered international reserves.
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Senegal's economic resilience highlighted amid political tensions
DAKAR, June 12, 2024 - According to the World Bank’s 2024 Economic Update for Senegal, economic growth in the country remained resilient in 2023 despite political tensions and persistent, albeit declining, inflation.
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World Bank approves $150 million to enhance Benin's agri-food value chains
The World Bank has approved $150 million in International Development Association (IDA) additional financing to assist Benin in enhancing food security, productivity, and resilience in the country's northern regions.
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World Bank official urges bold reforms for sustainable growth in Western Balkans
Massimiliano Paolucci, the World Bank Country Manager for Kosovo and North Macedonia, delivered remarks at The Economist Impact Western Balkans Summit 2024 during the panel session titled “Advancing Sustainability: Infrastructure, Energy Solutions, and Financing Opportunities.”
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Cabo Verde's economic update highlights potential of blue economy amid recovery
Cabo Verde's economy is recovering from the challenges posed by the COVID-19 pandemic. However, the crisis has underscored the country's inherent weaknesses, including heavy dependence on tourism, lack of buffers for economic shocks, and risks in the State-Owned Enterprises (SOE) sector. Climate change impacts exacerbate these vulnerabilities.
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World Bank urges Cabo Verde investment in blue economy for sustainable growth
Cabo Verde has demonstrated resilience in its post-COVID-19 recovery, yet the crisis underscored vulnerabilities, including reliance on tourism and risks from underperforming State-Owned Enterprises (SOEs). Climate change is intensifying these weaknesses.
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Kyrgyzstan hosts forum spotlighting clean energy investments
VIENNA, June 10, 2024—The Government of the Kyrgyz Republic, with support from the World Bank Group and co-hosted by the Government of Austria, convened high-level delegations from Central Asia, Europe, the Middle East, international financial institutions, and private investors to discuss the future of energy in Central Asia at the Kyrgyz Republic International Energy Investment Forum in Vienna.
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World Bank backs $250M project for sustainable water management in Chile
The World Bank Board of Executive Directors has approved a new project to support Chile’s Just Water Transition program, aimed at fostering more sustainable and equitable water resources management. This $250 million initiative will be implemented by the Ministry of Public Works in collaboration with the Ministry of Environment.
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World Bank approved as interim host for climate loss and damage fund
The World Bank’s Board of Executive Directors has approved the institution's role as interim secretariat host and trustee for a fund aimed at addressing loss and damage caused by climate change. This decision follows an agreement reached by 198 countries during COP28 to establish financial support for nations most affected by climate impacts.
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World Bank approves $45M project for coastal resilience in Guyana
The World Bank has approved a project to aid Guyana in adapting to climate change and mitigating flood risks in its coastal regions. This initiative aims to benefit approximately 320,000 people, or around 40 percent of the country's population, including the most vulnerable groups.
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World Bank approves $1B financing for Pakistan's DASU Hydropower Project
The World Bank’s Board of Executive Directors has approved $1 billion in additional financing for the DASU Hydropower Stage I (DHP I) Project in Pakistan. This funding aims to expand hydropower electricity supply, enhance access to socio-economic services for local communities, and bolster the Water and Power Development Authority’s (WAPDA) capacity to prepare future hydropower projects.
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Egypt promotes circular and blue economies for sustainability
Over the last two decades, Egypt has pursued sustainable and resilient development. The Ministry of Environment has improved the governance framework and promoted new policy instruments to meet growing environmental challenges. The purpose of this analysis is to help Egypt address some of these environmental challenges by providing strategic guidance to the government to achieve green, resilient, and inclusive growth while creating new jobs.
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Bangladesh strengthens sustainable fisheries management with new monitoring system
In the heart of Asia's largest and the world's most populated delta, Bangladesh's sprawling maritime domain spans over 118,000 square kilometers in the Bay of Bengal. Despite this vast marine territory, which can reach a depth of about 2,200 meters, the use of fisheries resources is currently confined to a shallow depth of approximately 80 meters. This is about one-third of the exclusive economic zone of Bangladesh.
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Nepal's YETI project creates jobs while conserving heritage sites
Kamalpokhari in Ward 13 of Pokhara Metropolitan City, a site of religious and environmental significance, has been revitalized through a series of conservation efforts. The area, which covers 70 ropanis (3.56 hectares), was nearing extinction but has been restored through cleaning initiatives that provided temporary employment to local residents.
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Nepalese initiative helps thousands secure jobs post-pandemic
Sita Lama, a resident of Rainas Municipality in Lamjung of Gandaki Province, faced significant challenges during the COVID-19 pandemic. Her husband, who worked abroad as a security guard, had to return to Nepal after struggling to sustain his job. Despite searching for employment in nearby districts, he found no opportunities. In 2021, their son contracted the coronavirus and required medical treatment, adding to the family's financial burdens. "We had to put our land as collateral for a loan to pay for his treatment," Sita said. Desperate for work, her husband went to India...
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Nepal's Youth Employment Transformation Initiative aids thousands amid economic shifts
Manju Devi from Loharpatti Municipality, Mahottari represents the Dom community of Madhesh Province. In the past, Manju and her husband generated income by selling handmade baskets, fences, and various bamboo products. These items have been integral to their culture for years, especially during festivals like Chhath. However, the growing demand for modern construction materials, plastic, and metal wares has compelled them to seek alternative means of income.
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Nepal's Youth Employment Transformation Initiative boosts job prospects amid challenges
The Youth Employment Transformation Initiative (YETI) Project is bolstering Nepal's Prime Minister Employment Program to enhance employment services and labor market outcomes for youth, particularly women from impoverished and marginalized communities. The project supports over 135,000 beneficiaries through temporary jobs and other employment services. It is implemented by Nepal’s Ministry of Labor, Employment, and Social Security and financed by the World Bank Group’s International Development Association (IDA).