The World Bank
Recent News About The World Bank
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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.
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Philippines urged to invest more effectively in human capital
Honorable Secretary Arsenio Balisacan of NEDA, Honorable Secretary Renato Solidum, Jr. of the Department of Science and Technology, other government officials, panelists of this forum, leaders of academia, civil society, the private sector, development partners, esteemed guests, colleagues, and friends. Good morning.
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World Bank urges Philippine investment in early childhood development
Increasing investment in children's early development will improve the well-being of all Filipinos and strengthen the country's economic potential, a World Bank report released on Monday said.
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World Bank projects steady economic growth for Indonesia amid structural challenges
Indonesia’s economy is projected to grow steadily in the coming years, bolstered by increased public spending, rising business investment, and steady consumer demand, according to a new report from the World Bank.
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Cambodia improves maternal-child healthcare through community-based initiatives
Providing equitable access to quality health and nutrition services for women and children in the first 1,000 days of life remains a challenge in Cambodia. Through the Cambodia Nutrition Project, the national government has reformed health and nutrition systems to give local authorities more control over managing and delivering services in their communes/sangkats and villages. The project funded the recruitment and training of 4,459 village health workers — 3,255 of them women — supporting higher quality service delivery across nine provinces.
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World Bank approves $150 million for improving primary healthcare in Sri Lanka
The World Bank’s Board of Executive Directors has approved $150 million in financing for Sri Lanka to enhance the quality and utilization of its primary healthcare services. The newly sanctioned Sri Lanka Primary Healthcare System Enhancing Project aims to improve care quality and increase the use of primary medical care institutions, which provide essential health services to local communities.
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World Bank suggests $546M investment in Tanzanian livestock
Tanzania can significantly boost its livestock sector's economic contribution with a comprehensive plan that emphasizes climate-smart strategies and innovations, according to a new report by the World Bank. The 21st Tanzania Economic Update, titled "Harnessing the Opportunity for a Climate-Smart and Competitive Livestock Sector in Tanzania," recommends backing such a plan with at least $546 million in public investments over the next five years. This annual investment of approximately $109 million represents a fivefold increase over previous budgets and a 50 percent increase...
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World Bank debars Future Netwings Solutions over collusive practices
The World Bank Group announced today the 15-month debarment of Future Netwings Solutions Private Limited (FNSPL), an India-based IT and networking services provider, due to collusive practices related to the West Bengal Institutional Strengthening of Gram Panchayats Program II in India.
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World Bank approves $600 million funding for Moroccan public sector improvement
The World Bank's Board of Directors has approved US$600 million for Morocco to finance two projects aimed at improving public service delivery, inclusiveness, and the performance of the public sector.
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World Bank approves $200 million to improve Senegal's water security
The World Bank has approved $200 million in financing to aid Senegal in enhancing its sanitation services and water resources in key water security hotspots. This initiative marks the first phase of the Integrated Water Security and Sanitation Program for Senegal (PISEA), targeting improved access to drinking water, better sanitation, and resilience against flood and drought risks.
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World Bank approves $110M boost for municipal support program in Senegal
The World Bank has approved an additional $110 million in Program for Results financing for the Municipal and Agglomeration Support Program (PACASEN) in Senegal. This additional financing aims to scale up efforts to local governments and improve their management of public investments.
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World Bank approves $107 million credit for sustainable transport infrastructure in southern Viet Nam
The World Bank Board of Directors has approved a US$107 million credit to enhance the capacity, efficiency, and safety of inland waterways in southern Viet Nam. This initiative aims to reduce greenhouse gas emissions within the country's transport sector.
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World Bank approves $145 million investment for Cambodia's water security
Over 113,000 people in Cambodia are expected to benefit from improved water supply infrastructure following the approval of a new World Bank-supported project. Funded by a US$145 million credit from the World Bank’s International Development Association, the Cambodia Water Security Improvement Project aims to enhance water security, increase agricultural productivity, and build resilience to climate risks.
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Uzbekistan receives $7.5 million grant from World Bank for emissions reduction
Uzbekistan has become the first country to receive a payment from the World Bank for reducing carbon emissions through a policy crediting program. The Innovative Carbon Resource Application for Energy Transition (iCRAFT) project was designed to support Uzbekistan in implementing energy efficiency measures, phasing out energy subsidies, and transitioning to cleaner energy sources.
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World Bank approves $120 million financing package for Chad's social protection
The World Bank has approved $100 million in International Development Association (IDA) financing for Chad, supplemented by an additional $20 million from the Sahel Adaptive Social Protection Program, a multi-donor trust fund. This funding aims to enhance access to social safety nets for poor and vulnerable populations, including refugees, and to strengthen Chad's social protection system.
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IMF announces Madagascar as first beneficiary of Enhanced Cooperation Framework
WASHINGTON, June 21, 2024 – The World Bank Group (WBG) and International Monetary Fund (IMF) announced that the Enhanced Cooperation Framework for Climate Action is now operational. Madagascar will be the first country to benefit from the Framework under the Resilience and Sustainability Facility (RSF) arrangement approved today by the IMF Executive Board, alongside active WBG engagement on climate change in the country.