The World Bank
Recent News About The World Bank
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Spain doubles contribution towards enhancing global SDR impact
Spain is advocating for an increased impact of Special Drawing Rights (SDRs) through the International Monetary Fund (IMF) and the World Bank Group (WBG)’s enhanced framework for scaled-up climate action. The country plans to double its SDR contribution to the IMF’s Resilience and Sustainability Trust (RST). This initiative aims to optimize resources dedicated to helping countries tackle climate challenges, leveraging the IMF’s RST, WBG’s policy and project financing, and additional resources from development partners and the private sector.
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World Bank Group & IMF enhance cooperation for global climate action
The World Bank Group (WBG) and the International Monetary Fund (IMF) are intensifying their collaboration through an enhanced framework aimed at helping countries scale up climate action. This joint effort seeks to provide critical support for national climate strategies via an integrated, country-led approach to policy reforms and climate investments.
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World Bank approves $250 million credit for strengthening Ghana's financial sector
On May 30, 2024, the World Bank approved a $250 million International Development Association (IDA) credit for the Ghana Financial Stability Project. This five-year initiative aims to support Ghana’s Financial Sector Strengthening Strategy (FSSS) by contributing to financial stability through the recapitalization of viable banks and Specialized Deposit-taking Institutions (SDIs) affected by Ghana’s Domestic Debt Exchange Program (DDEP).
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World Bank approves $79.5M boost for Cambodian education
The World Bank's Board of Executive Directors has approved $79.5 million in additional financing to enhance access to quality education across Cambodia. This funding aims to scale up the Cambodia General Education Improvement Project, initially financed with $69.25 million in January 2022. The new financing includes a $60 million credit from the International Development Association and a $19.5 million grant from the Global Partnership for Education.
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World Bank supports low-carbon urban mobility transition in Yichang with $250M loan
WASHINGTON, May 31, 2024 — Yichang City in Hubei Province will transition to an environmentally cleaner transportation system with the support of a US$250 million loan approved by the World Bank Board of Executive Directors today. This initiative aims to improve travel for residents, lower greenhouse gas emissions, and potentially serve as a model for other cities.
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Access key to improving welfare among indigenous peoples in Philippines
Increasing Indigenous Peoples’ access to water, sanitation, education, health services, and economic opportunities while preserving their cultural identities could significantly improve their living standards, according to a World Bank report released today.
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Experts discuss climate change impacts at Central Asia conference
Delegations from Central Asian countries and international experts are gathering in Almaty, Kazakhstan, to address sustainable water and land management, energy, food security, and environmental sustainability in the context of climate change. The Central Asia Climate Change Conference (CACCC-2024) provides a platform for regional cooperation on climate issues.
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World Bank releases new report on Indigenous Peoples' welfare in Philippines
First and foremost, warm greetings to Undersecretary Fatima Aliah Dimaporo, Legislative Affairs at the Department of Social Welfare and Development; the National Commission on Indigenous Peoples Chairperson Jennifer Pia Sibug-Las; to the panelists in today’s forum; to the leaders of the Indigenous Peoples who are here with us today; the representatives of various government agencies and private sector groups; and to all participants this morning. Good morning to all of you.
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World Bank approves $1.2 billion funding package for Kenya
The World Bank has approved new funding to help Kenya address short-term fiscal pressures and accelerate a more prosperous, green, and inclusive future.
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Global purchasing power parities data released for 2021
New purchasing power parities (PPPs), which provide a standardized way to assess the relative buying power of different economies, were released today by the International Comparison Program (ICP) for the reference year 2021.
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World Bank highlights adaptive social protection strategies in Latin America and Caribbean
In Latin America and the Caribbean, extreme weather events have doubled in the last 30 years. Not only are these events more frequent, but they are also increasingly intense. Nine countries in the region rank among the world's top 20 nations with the highest risk of disasters. Between 2000 and 2019, more than 20 devastating hurricanes impacted families, communities, businesses, and infrastructure.
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World Bank partners with Türkiye on $400M project for climate-resilient forests
ANKARA, May 30, 2024—The Government of Türkiye and the World Bank have launched the $400 million Türkiye Climate Resilient Forests Project aimed at enhancing the country's ability to protect its forests and people from wildfires.
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Burundi strengthens food security through rapid emergency response
For the past two years, Burundi has faced a serious food security challenge. A series of climatic shocks, including water deficits, floods, and landslides, devastated crops and threatened the well-being of families across the country.
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Irrigation transforms Ethiopian desert into fertile fields
In the arid outskirts of Dire Dawa, a city administration in eastern Ethiopia, a story of resilience and agricultural transformation has emerged. Mohamed Aduse and his group of young friends transitioned from laboring in quarries to pioneering agricultural prosperity with support from the World Bank’s Ethiopia Agricultural Growth Project II (AGP II). The project's goal is to increase agricultural productivity and commercialization for smallholder farmers in targeted locations.
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Survey reveals impact of Russian invasion on Ukrainian livelihoods
The World Bank, in collaboration with the Kyiv International Institute of Sociology, conducts the Listening to Ukraine Household Phone Surveys (L2Ukr) to provide a picture of how Russia's invasion is impacting the well-being of ordinary Ukrainians and how the government's response, enabled by external support, has helped citizens cope amidst the war.
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World Bank approves $74M grant for climate-resilient transport in Sierra Leone
The World Bank Board approved a $74 million International Development Association (IDA) grant to enhance climate-resilient transport connectivity and agricultural market access in Sierra Leone. The Sierra Leone Connectivity and Agricultural Market Infrastructure Project (CAMIP) aims to support all-season connectivity and access to jobs, markets, and services, particularly in rural areas where the lack of infrastructure has hindered economic development.
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Bridge transforms connectivity and economy in Northern Brazil
For 51-year-old Ricardinho Nunes from the Apinajé village in São Valério, Tocantins, his aspiration was to leave his ferryman days behind. He succeeded. For seven years, he managed the ferry that shuttled residents and goods across the Manoel Alves River between São Valério and Santa Rosa do Tocantins in Northern Brazil. The ferry, which was merely tethered by a cable, was at the mercy of the river's whims, posing a hazard to all who crossed.
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EU-backed initiative supports socio-economic development in Azerbaijan
Azerbaijan Rapid Technical Assistance Facility (AZTAF) is a technical assistance program for the Republic of Azerbaijan, financed by the European Union and implemented by the World Bank. The AZTAF program aligns with Azerbaijan’s National Priorities and goals of its Socio-economic Development Strategy for 2022-2026.
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Pandemic Fund launches strategic plan to bolster global health preparedness
Axel van Trotsenburg, Senior Managing Director at the World Bank, addressed the Pandemic Fund Ministerial Event at the World Health Assembly on May 28, 2024. In his remarks, he emphasized the importance of collective action and solidarity in addressing global health challenges.
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Dominican Republic leads adaptive social protection systems against disasters
When Julia returned home after Hurricane Fiona passed in September 2022, she found a desolate scene. "The hurricane destroyed everything. It was a disaster," she recalls.