The World Bank
Recent News About The World Bank
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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).
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Nepal's YETI project aids thousands with temporary employment
Usha Bhujel resides in Rainas Municipality in Lamjung of Gandaki Province. Originally from Gorkha, Usha moved to Lamjung with her husband after marriage. Married at 19, she worked in agriculture, growing seasonal vegetables and other crops on her family's land. Her husband worked abroad as a security guard before returning due to the COVID-19 pandemic.
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Nepal's youth find purpose through Youth Employment Transformation Initiative
Gujri Devi Ban is from Aurahi Rural Municipality, Dhanusha, in Nepal’s Madhesh Province. She has been part of the temporary employment program under the Youth Employment Transformation Initiative (YETI) Project since 2021. She is currently employed in the construction and maintenance of gardens around the Aurahi Rural Municipality offices.
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World Bank launches enterprise survey in Malaysia for B-READY project
The World Bank’s Enterprise Analysis Unit is currently collecting data to gather feedback from private sector enterprises on the state of the business environment among firms in Malaysia. This initiative is part of the World Bank Enterprise Surveys and will run from March to November 2024.
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Nepalese cities transform with IDA-backed urban governance initiative
Far from the bustling streets of Kathmandu, Nepal’s federal capital, a quiet revolution is transforming secondary cities across the country. This transformation is led by local governments as they take charge of their development agendas under the federal structure introduced in 2017.
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World Bank report highlights steps for reducing poverty sustainably in Bangsamoro
Maintaining peace, supported by increasing farm profitability, diversifying income sources, enhancing access to basic social services, and upgrading infrastructure will accelerate poverty reduction in the Bangsamoro Autonomous Region in Muslim Mindanao (BARMM), according to the World Bank’s Philippines Economic Update released today.
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World Bank approves $400 million project for environmental reform in Dominican Republic
The World Bank has approved a new project to assist the Dominican Republic in promoting key institutional reforms for climate resilience, reducing water, soil, and air pollution, and enhancing natural resource protection. The US$400 million project aims to strengthen the government's institutional and financial capacity for environmental protection, with positive effects on public health and the livelihoods of communities involved in tourism and fishing activities.
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West African nations combat coastal erosion through collaborative efforts
When the powerful waves crashed onto the shores of Aného, Togo, and Grand Popo, Benin in April 2024, communities of these neighboring West African border towns were unfazed. Seeking relief from the hot sun, they gathered under coconut trees to enjoy the fresh sea breeze.
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World Bank reports slight economic improvement for Cambodia driven by export revival
Cambodia's economic activity showed signs of improvement in the first quarter of 2024, driven by a resurgence in services and goods exports, despite weak domestic demand, according to the World Bank's Cambodia Economic Update released today.
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World Bank extends PROBLUE Ocean Trust Fund through 2030
Global demand for blue economy initiatives is soaring, prompting PROBLUE to seek additional funding to support countries and regions in their development efforts.
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Youth entrepreneurship programs foster job creation in Mozambique
Gaspar Sitóe, a young man from southern Mozambique, aspired to become an entrepreneur and create a clothing brand marketed through the tertiary industry. However, he lacked the necessary skills to start his venture. This changed in 2022 when he was selected for Agora Emprega, a World Bank-supported program designed to aid young entrepreneurs with grants and mentorship opportunities.
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World Bank outlines strategies for sustained growth in Zambia
LUSAKA, June 6, 2024 – While Zambia’s economy is still recovering from the COVID-19 pandemic and a previous recession, a new Country Economic Monitor (CEM) report shows pathways that can support the country’s productivity to enhance economic transformation, create better jobs, and deliver sustained and inclusive growth.
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World Bank finds gaps in post-issuance reporting among emerging market green bond issuers
Washington, June 6, 2024: A new study by the World Bank, "Trends in Allocation and Impact Reporting: Ensuring Transparency in Emerging Market Sovereign Green, Social, and Sustainability Bonds," has found that emerging market sovereign issuers are publishing allocation and impact reports following the issuance of green, social, and sustainability (GSS) bonds. However, there is room for improvement to meet investor expectations. The report is based on a comprehensive analysis of GSS bond allocation and impact reports combined with surveys of public debt management offices and...
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Indonesian social forestry program empowers communities while protecting rainforests
Indonesia's tropical forests are a vital source of food, fuel, shelter, and employment for more than one-fifth of the country's population and a crucial resource in the fight against climate change. However, many communities that rely on the world’s third-largest tropical rainforest face economic challenges, including elevated poverty rates and limited opportunities to develop surrounding land.
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Kenya's economy grows despite challenges: World Bank report
Nairobi, June 5, 2024 — Kenya’s real GDP growth accelerated to 5.6% in 2023, surpassing the previous year’s growth of 4.9%. However, GDP growth in 2024 is expected to slow down to 5.0%, according to the latest Kenya Economic Update (KEU) launched today. The report attributes the 2023 growth to the recovery of the agriculture sector following improved weather conditions and significant contributions from tourism and financial services within the services sector.
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Philippines urged by World Bank: strengthen climate resilience for sustainable growth
The Philippines needs to intensify steps to bolster community resilience against the effects of climate change and extreme weather to minimize economic disruption and sustain inclusive growth, according to the World Bank’s Philippines Economic Update (PEU), released today.