The World Bank
Recent News About The World Bank
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What You Need to Know About CCDR Investment Estimates and the Role of the Private Sector
On May 1, 2024, the World Bank Group delved into the complexities of CCDR investment estimates and the pivotal role the private sector is expected to play in advancing climate finance goals.Discussing the findings from the completion of CCDRs covering 42 economies, experts highlighted the continued trend of larger climate-development financing needs in countries that have contributed least to global warming. Stéphane Hallegatte, David Groves, Camilla Knudsen, and Ammara Shariq emphasized the importance of international concessional finance for low and middle-income...
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Papua New Guinea Urged to Increase Investment in Education to Address Human Capital Crisis
Papua New Guinea is facing a critical human capital crisis, as highlighted in the May 2024 edition of the Papua New Guinea Economic Update by the World Bank. The report emphasizes the urgent need for more substantial investments in education to secure the country's long-term economic future.The Economic Update forecasts a positive outlook for Papua New Guinea's economy in 2024, despite a slowdown experienced in the previous year. However, the report underscores the importance of prioritizing education to ensure sustainable growth and development in the nation.A...
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New World Bank Report Urges Ghana to Bolster Health System Resilience in Face of Climate Change
A new World Bank report released today highlights the urgent need for Ghana to strengthen its health system in response to the challenges posed by climate change. Titled Climate and Health Vulnerability Assessment (CHVA) for Ghana, the report emphasizes the risks and gaps in the country's health sector and offers recommendations for policy actions to enhance resilience.The report points out that climate change in Ghana is leading to extreme weather events such as floods and droughts, resulting in food insecurity, injuries, and the risk of death for 2 million people. It...
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Powerful Coalition Launched to Drive African Development, Fueled by IDA
On April 29 in Nairobi, Kenya, African leaders and finance ministers gathered to discuss economic reforms aimed at accelerating the continent's development. The summit, co-hosted by Kenya and the World Bank, highlighted Africa's potential for growth and transformation.Dr. William Ruto, President of Kenya, expressed the urgency for change, stating, “Our people and we, the leaders of Africa, are impatient for change and we want to transform the continent at this moment of tremendous opportunities.”Sellah Bogonko, CEO of Jacob’s Ladder, emphasized the importance of...
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Costa Rica and the World Bank Group Renew Partnership to Promote More Inclusive and Sustainable Economic Growth
WASHINGTON, D.C., April 30, 2024 – The World Bank Group (WBG) and Costa Rica have renewed their partnership through the endorsement of the Costa Rica Country Partnership Framework 2024–2028. According to Nogui Acosta, Costa Rica’s Minister of Finance, the new strategy aims to promote private sector-led economic growth, strengthen human capital, and build resilience to various challenges.Acosta stated, “The partnership between Costa Rica and the World Bank underscores our commitment to more broad-based, sustainable growth. To preserve the country’s social contract and...
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The World Bank Reinforces Its Support for the Development of Resilient Tourism and Blue Economy in Cabo Verde
WASHINGTON, April 30, 2024 - Today, the World Bank has approved a credit from the International Development Association in the amount of $30 million for the Second Additional Financing of the Resilient Tourism and Blue Economy Development Project in Cabo Verde, increasing the overall value of this project, initially approved in May 2022, to $75 million.This new funding emphasizes the importance of tourism and its connections to the blue economy. Its main goal is to support Cabo Verde's overarching strategies for sustainable tourism and the blue economy, as outlined in the...
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World Bank and ARTF Provide Additional Financing to the Afghanistan Community Resilience and Livelihoods Project
WASHINGTON, April 30, 2024—The World Bank’s Board of Executive Directors approved a $84 million grant from the International Development Association for the Afghanistan Community Resilience and Livelihoods Project, which complements $70 million in additional financing from the Afghanistan Resilience Trust Fund.Melinda Good, World Bank Country Director for Afghanistan, expressed, "In the past 18 months, the project has laid the foundation for an effective service delivery platform and operational model at scale for delivering jobs, providing essential services and assets,...
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NEPAL: Government, Development Partners Launch Public Expenditure and Financial Accountability Assessments
Nepal has a robust legislative and institutional framework for public financial management, but further reforms are needed to strengthen fiscal and budget outcomes to support green, resilient, and inclusive development, as stated in the third Public Expenditure and Financial Accountability (PEFA) Performance Assessment Reports.During the launch of the PEFA reports, Honorable Barsha Man Pun, Minister of Finance, emphasized the importance of public financial management, stating, “Public financial management has the power to change people's lives and livelihoods.” Minister...
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Lao Economic Growth Remains Subdued Says World Bank Report
Economic growth in the Lao People's Democratic Republic (PDR) has been below 2019 levels and is expected to continue at a slow pace in 2024, according to a report released by the World Bank. The report, titled "Accelerating Reforms for Growth," highlights various factors contributing to the subdued growth in the country.The World Bank stated that Lao GDP grew by 3.7% in 2023, with positive contributions from sectors such as tourism, transport, logistics, and mining. However, challenges such as economic instability, low worker skills, out-migration of labor, and a...
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World Bank Supports Armenia’s Green, Inclusive and Sustainable Development
Yerevan, April 25, 2024 - The World Bank’s Board of Executive Directors has approved a Development Policy Operation (DPO) in the amount of $116 million equivalent for Armenia to enable reforms aimed at promoting green, resilient, and inclusive development. The DPO includes loan financing from the International Bank for Reconstruction and Development (IBRD) in the amount of EUR 92.3 million ($100 million equivalent) and a grant from the Global Concessional Financing Facility (GCFF) in the amount of $16 million."This development policy operation supports a package of...
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Building inclusive and resilient schools in Honduras
Darlin Elvir Gonzalez, a resident of Comayagua, Honduras, expressed her satisfaction with the inclusive features of the newly reconstructed Marcelino Pineda Elementary School, where her son attends. She stated, "I am pleased that the newly reconstructed Marcelino Pineda Elementary School, which my son attends, has included accessible features, such as ramps."According to a World Bank Disability Inclusion report on Latin America and the Caribbean, the situation for persons with disabilities in Honduras is challenging, with almost seven in ten households with disabilities...
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Moldova to Benefit from Better Roads and Enhanced Border Crossings with World Bank Support
CHISINAU, April 29, 2024 — The World Bank’s Board of Executive Directors has approved a $105.98 million financing package for the Moldova Rural Connectivity Project (MRCP). This project aims to enhance road connectivity in rural communities, improve transit through border crossings with Romania, and strengthen crisis response capabilities in Moldova.The MRCP will focus on rehabilitating and upgrading approximately 95 km of three priority local roads with climate-resilient designs. These improvements will provide better connectivity to markets, schools, healthcare...
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Persistent Gender Disparities Hinder Women's Safety and Productivity in Zimbabwe
In a recent assessment of gender-based violence (GBV) in Zimbabwe, it was revealed that a significant number of women in the country continue to face physical and sexual violence. According to the assessment, approximately 39.4% of women have experienced physical violence, while an estimated 11.6% have been victims of sexual violence.While Zimbabwe has made efforts to address GBV by implementing various laws and policies, there is still a need for more effective enforcement and legal frameworks to combat these issues. Eneida Fernandes, the World Bank Country Manager for...
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African Leaders Unveil Bold Transformation Agenda at Summit, Backed by Powerful New Coalition
Leaders from across Africa gathered at a major summit in Nairobi to pledge ambitious economic reforms, with the International Development Association (IDA) at the forefront of their strategy. The summit aimed to improve lives and create new opportunities, with a focus on strengthening governance, unlocking private sector potential, and addressing climate change.President of Kenya, Dr. William Ruto, emphasized the urgency for change and the importance of stronger donor contributions to IDA21, stating, “Our people and we, the leaders of Africa, are impatient for change and...
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Lao Economic Monitor, April 2024: Accelerating Reforms for Growth
In the latest Lao Economic Monitor released on April 26, 2024, several key findings shed light on the current state of the country's economy. The report highlights various challenges and opportunities that Laos is facing as it strives for economic growth and stability.According to the report, economic growth in Laos remains below 2019 levels due to macroeconomic instability. The Gross Domestic Product (GDP) grew by 3.7% in 2023, with positive contributions from sectors such as tourism, transport, logistics, and mining. However, high inflation caused by the depreciation of...
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World Bank Provides Additional Support to Malawi for Food Crisis Response
WASHINGTON, April 26, 2024 — The World Bank has announced additional support for Malawi to assist in the response to the severe food crisis affecting millions in the country. The support comes in the form of a quick-release of $57.6 million through the Catastrophe Deferred Drawdown Option (CAT-DDO), aimed at providing immediate liquidity to address the pressing food security situation exacerbated by El Niño conditions and a series of intense disaster events.According to Hugh Riddell, World Bank Country Manager for Malawi, "Malawi, together with the wider Southern Africa...
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World Bank Issues Cat Bond to Provide Financial Protection to Jamaica
The World Bank has once again entered the catastrophe (cat) bond market, this time providing financial protection to the Government of Jamaica against named storm events. Priced at US$150 million, the cat bond will offer insurance coverage to Jamaica for four hurricane seasons. According to the World Bank, Jamaica was the first small island state to independently sponsor a cat bond, highlighting the country's proactive approach to disaster risk financing.Dr. Nigel Clarke, Minister of Finance and the Public Service for the Government of Jamaica, expressed gratitude for the...
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Growth and New Opportunities Follow Boost to Surinamese Small Businesses
Entrepreneurs in Suriname, many of them women, are breaking down barriers and growing their businesses thanks to the World Bank-financed initiative SURGE, which is providing crucial support to small and medium enterprises in the country.The SURGE project has already made a significant impact, assisting more than 200 firms in improving their business operations and granting funds to 130 enterprises, with 60 percent of them being women-owned. One of the success stories emerging from this initiative is Regina Wachter Wijmans, a former small-scale farmer whose life...
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World Bank Group Introduces Resilience Rating System to Enhance Climate Resilience
The World Bank Group has introduced a Resilience Rating System (RRS) to enhance climate resilience in projects, offering guidance and criteria for assessing resilience along two dimensions of project design.The RRS, as described by the World Bank Group, is unique in its approach to evaluating resilience. It focuses on assessing the confidence that expected investment outcomes will be achieved despite climate and disaster risks, as well as the project's contribution to the resilience of beneficiaries and communities. Projects are rated on a scale from A+ to C for each...
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Global Commodity Prices Level Off, Hurting Prospects for Lower Inflation
Global commodity prices are leveling off after a steep descent that played a decisive role in whittling down overall inflation last year, which could make it harder for central banks to cut interest rates quickly, according to the World Bank’s latest Commodity Markets Outlook. The report also finds that a major outbreak of conflict in the Middle East could halt the inflationary decline that has occurred over the past two years."Global inflation remains undefeated," said Indermit Gill, the World Bank Group’s Chief Economist and Senior Vice President. "A key force for...