The World Bank
Recent News About The World Bank
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World Bank diagnostic report identifies key growth areas for Armenia
The World Bank has released its Second Systematic Country Diagnostic (SCD) for Armenia, titled “Beyond Boundaries: Unlocking Potential for a Sustainable Tomorrow”. The report revisits the first diagnostic published in 2017 and provides an updated analysis of the country's development challenges and opportunities.
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Utilizing AI & Machine Learning for Improved Urban Planning: A Realization of Jacobs' Vision
In 1981, urban design expert Allan B. Jacobs noticed a significant detail while visiting a housing development in Tangshan, China - hand-made grates covering many windows and porches. This observation led him to comment that such grates would indicate to visitors in the United States that the neighborhood was considered unsafe. When his Chinese colleague confirmed the same interpretation for China, Jacobs pondered why urban planners did not utilize these simple visual clues to understand neighborhoods.
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World Bank approves early childhood education project in Kosovo
On May 14, 2024, the World Bank's Board of Executive Directors approved the Early Childhood Education and Care for Kosovo's Human Capital Project. This initiative aims to enhance the quality and equitable access to early childhood education and care services in Kosovo.
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Private sector invests $86B in infrastructure in low- to middle-income countries
New data from the World Bank reveals that private infrastructure investment in low- and middle-income countries reached $86 billion in 2023. This figure, while representing a 5% decline compared to 2022, is consistent with the average over the previous five years.
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Climate adaptation key to sustainable growth in Benin: Report
According to the second edition of the Benin Economic Update Report, achieving sustainable and resilient economic growth in the coming decades will depend on efforts to adapt and finance climate investments. The report, titled "Adapting to climate change for sustainable, resilient economic growth," analyzes recent economic developments and presents the country's medium-term outlook.
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World Bank report on Nepal's progress towards fiscal federalism
Nepal's progression towards fiscal federalism and public financial management has been marked by a moderate pace, according to the World Bank’s Nepal Fiscal Federalism Update 2024. The country's legal and institutional reforms at provincial and local levels have continued, albeit not as swiftly as anticipated.
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World Bank Thailand announces youth economist contest for 2024
The World Bank Thailand has announced a contest aimed at young leaders and aspiring youth with a passion for development. The contest provides an opportunity to experience the work of a World Bank economist firsthand and contribute towards addressing some of Thailand's most pressing challenges.
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Benin's economic forecast: Adapting to climate change for sustainable growth
Economic growth in Benin is expected to stabilize at 6.2% between 2024 and 2026, with an average per capita growth of 3.5%. This projection is largely driven by investment and the expansion of the Glo-Djigbé Industrial Zone (GDIZ).
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IDA's pivotal role in the complex global aid architecture
Over the past 20 years, the global aid architecture has undergone significant transformation. Official financial flows (OFF) volume has seen a notable increase, particularly benefiting low-income countries. However, this shift has also led to a more complex and fragmented aid structure, with a noticeable decrease in concessional resources.
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World Bank projects Mongolia's economy to grow by 4.8% in 2024
Mongolia's economy is forecasted to grow by 4.8% in 2024, fueled by a thriving mining sector, robust private consumption, and fiscal expansion which counterbalance the agricultural sector's contraction due to severe climatic conditions. This projection comes from the World Bank's latest semi-annual Mongolia Economic Update.
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World Bank approves $30 million for Zanzibar's judicial modernization project
The World Bank has approved new financing aimed at enhancing access to justice, efficiency, and transparency of judicial services for the citizens of Zanzibar. This initiative builds on the government of Zanzibar's ongoing reforms that emphasize the importance of accountable and effective justice institutions and efficient procedures.
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World Bank extends $125 million emergency support to flood-hit Rio Grande do Sul
The World Bank is extending emergency support to the state of Rio Grande do Sul in Brazil, which has been severely affected by recent rains and floods. Approximately US$125 million (around R$625 million) from ongoing projects are immediately available for reallocation. The funds are sourced from the "Urban Resilience Program in Southern Brazil", "Revitalization Program for the Central Area of Porto Alegre", and "Support Program for the New Bolsa Família". Moreover, World Bank teams are offering technical assistance in damage assessment, resource prioritization, and fund...
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World Bank supports post-pandemic health-sector reform in East Asia and Pacific
The COVID-19 pandemic has highlighted the need for reform and investment in national health systems. In response, the World Bank is supporting post-pandemic health-sector changes, with a focus on expanding coverage, improving primary healthcare quality, and strengthening core public health functions. The organization is also preparing for potential future pandemics and working to enhance the efficiency of healthcare delivery and expenditures.
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New World Bank Country Director Appointed for Viet Nam, Cambodia, and Lao PDR
The World Bank has appointed Ms. Mariam Sherman as the new Country Director for Viet Nam, Cambodia, and Lao PDR, effective May 1, 2024.
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Sustained Recovery in Tunisia Requires Swift Action to Seize Opportunities
TUNIS, May 8, 2024 — Tunisia's economic recovery slowed in 2023, due to a severe drought, tight financing conditions and a modest pace of reform, leaving the country's growth below pre-COVID levels, and making it one of the slowest recoveries in the Middle East and North Africa region, according to the Spring 2024 edition of the World Bank's Economic Monitor for Tunisia.
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Maldives Development Update: Economic Challenges and Fiscal Reforms Ahead
The Maldives Development Update (MDU) has two main goals. First, it takes the pulse of the Maldivian economy by providing key developments over the past 12 months. Placing these in a global context, and based on these recent developments, it analyzes the outlook over the medium term. Second, every other edition of the MDU provides a more in-depth investigation of selected economic and policy issues. It has a wide audience including policymakers, policy analysts from think tanks or non-governmental organizations, and business and financial sector professionals interested in...
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Forests, Wetlands, and Landscapes to Restore in Armenia with World Bank Support
The World Bank’s Board of Executive Directors approved the RESILAND: Armenia Resilient Landscapes Project (RESILAND Armenia) on May 8, 2024, to help the government strengthen community engagement and improve the management of forests, wetlands, and protected areas in selected locations in Armenia. The project, supported by the Global Environment Facility (GEF) and co-financed by the Government of Sweden, aims to reinforce the institutional framework for sustainable landscape management, expand areas under sustainable management, mitigate forest fragmentation, increase tree...
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World Bank Vice President Engages with Pakistan on Development Strategies
World Bank Vice President Visits Pakistan, Agrees to Jointly Prepare an Ambitious and Focused New Country Partnership Framework
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Maldives Economy Facing Challenges, Urgent Fiscal Reforms Required for Stability
The Maldives economy is expected to grow by 4.7% in 2024, lower than previous estimates, reflecting a moderation in growth momentum. The outlook faces potential risks due to external and fiscal vulnerabilities, and increased debt risks could arise if fiscal reforms are not implemented, says the World Bank in its twice-a-year update.
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World Bank Expands Leadership in USD SOFR Market with Second Transaction of 2024
The World Bank (International Bank for Reconstruction and Development, IBRD, Aaa/AAA) announced on May 8, 2024, the pricing of a USD 1.5 billion Sustainable Development Bond linked to the Secured Overnight Financing Rate (SOFR), maturing on May 15, 2028. The transaction garnered significant interest from investors, resulting in an order book of nearly USD 2.1 billion.