The World Bank
Recent News About The World Bank
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World Bank Group unveils new Country Partnership Framework with Jordan
The World Bank Group has unveiled a new Country Partnership Framework (CPF) with Jordan for the period of 2024-2029. This framework aims to create opportunities for the people of Jordan, with a focus on inclusive green growth. The key areas include improving private sector jobs, particularly for youth and women; enhancing human capital outcomes; and bolstering resilience and sustainability through green investments. The CPF emphasizes that achieving these goals requires the full engagement and economic participation of women and youth.
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Economic update: Overcoming challenges for growth in Guinea-Bissau
In Guinea-Bissau, the path to economic growth and development is hampered by structural challenges that prevent the nation from realizing its full potential. The economy continues to be heavily reliant on raw cashew nut exports, which constitute approximately 90% of export value and serve as a source of income for about 80% of the population, primarily smallholder farmers. This dependency leaves Guinea-Bissau vulnerable to external shocks such as fluctuating international prices and adverse weather conditions like irregular rainfall or floods. In 2023, a difficult cashew...
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External review launched into CAO's probe of IFC's investment in Bridge Academies
The Board of Executive Directors of the International Finance Corporation (IFC) announced on May 16, 2024, that they will commission an external firm to examine the circumstances surrounding the Compliance Advisor Ombudsman’s (CAO) investigation into IFC’s investment in Bridge International Academies. The CAO is IFC’s independent accountability mechanism and reports directly to the IFC Board.
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World Bank report outlines prospects for Turkish Cypriot economy
On May 16, 2024, the World Bank released its latest Macroeconomic Monitoring Report titled 'Translating Opportunities into Shared Prosperity'. The report evaluates the recent economic performance of the Turkish Cypriot community, highlighting a significant recovery in 2023. The real GDP marginally exceeded the pre-pandemic level, backed by record Green Line crossings and trade.
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Tanzania joins global initiative to reduce methane emissions
Nearly 60% of the waste in Dar es Salaam, Tanzania is food waste, which produces methane, a potent greenhouse gas. To address this issue, Tanzania is embarking on a journey to reduce methane emissions through collaborative efforts aimed at enhancing urban resilience and tackling climate change. The country will be included in a global methane initiative spearheaded by the World Bank, as part of its Climate Action Plan.
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World Bank releases comprehensive report on Djibouti's digital economy
The World Bank has unveiled a comprehensive report on Djibouti's digital economy, shedding light on the country's potential for growth and development in this sector. The report, titled "Djibouti Digital Economy Diagnostic," explores the challenges and opportunities present in Djibouti's digital landscape, underscoring the importance of digital infrastructure development, broadband access and affordability, and requisite digital skills for socio-economic advancement.
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World Bank appoints Hugh Riddell as Country Manager for Kyrgyz Republic
The World Bank has appointed Hugh Riddell as its new Country Manager for the Kyrgyz Republic. Based in Bishkek, Riddell will spearhead the World Bank's engagement in the Kyrgyz Republic, encompassing policy dialogue with government officials, civil society, the private sector, and development partners. He will also manage the World Bank country team and oversee the successful implementation of the Country Partnership Framework.
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Europe's struggle with climate disasters: A call for strategic investment in resilience
Europe is grappling with substantial losses and destruction resulting from climate-related disasters. From 1980 to 2022, weather and climate-related events across the EU resulted in total losses of approximately €650 billion, or around €15.5 billion per year. Recent catastrophes, such as the floods in 2022 and wildfires in 2023, have underscored the vulnerabilities of critical infrastructure, including emergency response buildings like fire stations, as well as roads and power lines.
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World Bank issues $175 million catastrophe bond for Mexico's Pacific hurricane risk
On May 15, 2024, the World Bank (International Bank for Reconstruction and Development, or IBRD) issued a new catastrophe bond to provide $175 million of additional insurance protection for the Government of Mexico against named storm events occurring on the Pacific side of Mexico. This issuance significantly expands Mexico’s coverage for Pacific hurricane risk from the recently expired $125 million catastrophe bond.
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World Bank supports Bosnia and Herzegovina's land administration modernization
The Federation of Bosnia and Herzegovina (FBiH) is set to modernize and enhance the accuracy and accessibility of its land administration data, thanks to a EUR 23.10 million World Bank loan approved for the Geospatial Infrastructure and Valuation Enhancement (GIVE) Project.
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Brazil's golden grass crafts boost tourism in Jalapão
A small community in central Brazil, Mumbuca's quilombola, has gained recognition in the realms of tourism and design due to a native plant called golden grass. This plant is utilized to create accessories and decorative items, serving as both a source of income and pride for the Village's Association of Artisans and Extractors.
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World Bank issues first CHF digital bond with Swiss National Bank and SIX Digital Exchange
The World Bank has collaborated with the Swiss National Bank (SNB) and SIX Digital Exchange (SDX) to issue its first CHF digital bond, marking a significant advancement in the digitalization of capital markets. The bond, which is valued at CHF 200 million and will mature over seven years, is the largest World Bank CHF bond issuance since 2009. It will be settled using Swiss Franc wholesale Central Bank Digital Currency (wCBDC), provided by the SNB.
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World Bank supports human capital development agenda in Tajikistan and Central Asia
DUSHANBE, May 15, 2024 – The World Bank and the Ministry of Finance of the Republic of Tajikistan have joined forces with several other ministries and development partners to host the International Human Capital Forum 2024 in Dushanbe. This forum took place from May 14-15 under the banner "Investing in People for Economic Growth". It emphasized the Tajik government's commitment to prioritizing individuals, particularly women, children, and adolescents from hard-to-reach communities, in their development initiatives.
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Europe needs urgent investment in disaster resilience: World Bank
Europe is urged to increase its investments in disaster resilience, adaptation, and finance response to climate change, according to new reports on the Economics for Disaster Prevention and Preparedness. The reports were released by the World Bank and the European Commission today.
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Mauritania tackles urbanization challenges with International Development Association grant
Mauritania, one of the countries with the highest urbanization rates in Africa, is grappling with climate-related challenges that have severely impacted its urban development. The country's urbanization rate is projected to increase to 3.8% in 2024. However, this growth has not been without obstacles. In August 2022, flooding caused damage equivalent to up to 3% of GDP and destroyed more than 4,000 dwellings.
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Viet Nam's green transformation: A sustainable success story in the Mekong Delta
Le Dong Phuong, a seasoned farmer in Viet Nam's Mekong Delta, adjusts the sluice gate to allow water into her parched field. "Rice thrives on water," she states, her voice echoing the wisdom of countless harvests.
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World Bank Group debars Jordan-based firm over sanctionable practices
The World Bank Group has announced a 30-month debarment of Marseille for Engineering & Trading S.A.L. Offshore, a Jordan-based company offering engineering and consulting services. This action is connected to a sanctionable practice as part of the Emergency Operation for Development Project in the Republic of Iraq.
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World Bank approves $130.8 million grant for Uganda road project
The World Bank has approved financing for the Roads and Bridges in the Refugee Hosting Districts/Koboko-Yumbe-Moyo Road Corridor Project (KYM project), which was announced on September 20, 2020. The KYM project is fully funded by a grant of $130.8 million from the World Bank's International Development Association (IDA) Window for Host Communities and Refugees (WHR). This marks the first road project worldwide to be financed through the WHR.
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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.