The World Bank
Recent News About The World Bank
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Nepal Fiscal Federalism Update
May 7 2024The Nepal Fiscal Federalism Update is produced by the World Bank Group annually to report on the progress of fiscal federalism in Nepal. According to the report, it identifies gaps between the vision of fiscal federalism laid out in the 2015 Constitution and the current state of play.The update is intended for a wide audience, including policy makers of all three tiers of government, business leaders, the community of analysts and professionals engaged in the fiscal federalism debate, and the general public.This report serves as a crucial tool...
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World Bank approves Kosovo health project with $20 million in funding
The World Bank's Board of Executive Directors approved today the Kosovo Comprehensive Approach to Health System Strengthening Project (KOMPAS), which aims to strengthen institutional capacity and governance for quality of care in the Kosovo health system.
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About the Digitrans Project
The completion of a dual, digital, and green transformation in the European Union and the increase in the productivity of EU companies will depend on the broad implementation and productive use of digital tools by enterprises. The COVID-19 pandemic accelerated the digitization of companies but also deepened the gap between the most and least digitized companies. From the perspective of the entire economy, this poses a threat to the successful transformation. In an environment where digital technologies are becoming increasingly available, the key to effective digitization is...
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Funding a water-secure future: World Bank's report on global water spending and gaps
The World Bank's flagship report, "Funding a Water-Secure Future: An Assessment of Public Spending," breaks ground by quantifying, for the first time, government expenditure in the water sector and estimating the financing gaps crucial to meeting global water needs. Highlighting the vital role of water in sustaining life and fostering prosperity, the report is set against the backdrop of rising water insecurity, with billions lacking access to safe water and sanitation, compounded by climate change.
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Public asset managers cautious amid inflation and geopolitical uncertainties
Public Asset Managers remain cautious amid inflation and geopolitical uncertainties: Key Insights from the 20th Annual Executive Forum for Public Asset Managers
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World Bank Managing Director Visits Lebanon to Discuss Economic Recovery
BEIRUT, May 7, 2024 – World Bank Managing Director of Operations Anna Bjerde has arrived on a two-day visit to Lebanon to engage with stakeholders on the latest socio-economic developments in the country and reaffirm the World Bank’s strong support to Lebanon at a time of difficulty. She is accompanied by Ousmane Dione, the new Middle East and North Africa Vice President.During their visit, Bjerde and Dione will meet with Lebanese officials, development partners, and other stakeholder groups. Together with WFP Deputy Executive Director Carl Skau, they will meet with...
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World Bank Loan to Namibia Supports Renewable Energy Integration
Today, May 6, 2024, Namibia celebrates the approval of its first-ever World Bank financed energy project, aimed at enhancing the reliability of the country's transmission network and enabling increased integration of renewable energy into the electricity system.Satu Kahkonen, World Bank Country Director for Namibia, expressed the World Bank's support for Namibia's commitment to renewable energy, stating, “Namibia is a uniquely positioned regional leader in the transition towards a greener and more sustainable future. This project will support NamPower to develop future...
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Changes in Farm and Food Production Can Cut Greenhouse Emissions by a Third
WASHINGTON, May 6, 2024 – The global agrifood system has the potential to significantly reduce greenhouse gas emissions by almost a third through accessible and cost-effective measures, all while ensuring food security for a growing population. This revelation comes from a new World Bank report titled "Recipe for a Livable Planet: Achieving Net Zero Emissions in the Agrifood System."Axel van Trotsenburg, the World Bank Senior Managing Director, emphasized the impact of food production on climate change, stating, “While the food on your table may taste good, it is also a...
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Women and Girls in Mozambique to Benefit from New Initiative Combatting Gender-Based Violence
Women and girls in Mozambique are set to benefit from a new initiative aimed at combating Gender-based Violence (GBV), as approved by the World Bank Board of Directors on April 30. The Capacity Building for Improved Gender-based Violence Response Project is designed to address the critical challenge of GBV in Mozambique by enhancing support services and promoting survivor engagement.Idah Z. Pswarayi-Riddihough, World Bank Country Director for Mozambique, emphasized the significance of strengthening support systems for GBV survivors, stating, "Improving access to services...
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World Bank Approves $80 Million to Strengthen Financial Sector in Nepal
WASHINGTON, May 6, 2024—The World Bank’s Board of Executive Directors has given the green light to an $80 million development policy credit for Nepal aimed at bolstering the stability of the financial sector, diversifying financial solutions, and enhancing access to financial services.Faris Hadad-Zervos, the World Bank Country Director for Maldives, Nepal, and Sri Lanka, emphasized the significance of the project, stating, “This project supports Nepal’s green, resilient, and inclusive development and will help create an enabling environment for private investment to...
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Recipe for a Livable Planet: Achieving Net Zero Emissions in the Agrifood System
May 6, 2024"Agrifood is a bigger contributor to climate change than many think. It generates almost a third of global greenhouse gas emissions, averaging around 16 gigatons annually. This is about one-sixth more than all of the world’s heat and electricity emissions."According to the report titled "Recipe for a Livable Planet," the agrifood system has been identified as a significant source of greenhouse gas emissions, with the potential to make a substantial impact on mitigating climate change. The report highlights the importance of addressing agrifood emissions to...
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Climate-Smart Road Rehab: A crucial upgrade for São Tomé and Príncipe
May 6, 2024The recent completion of the rehabilitation and upgrade of the National Road 1 (EN1) in São Tomé and Príncipe has brought significant improvements to the country's infrastructure, mobility, businesses, and residential areas.Helder Paquete, the National Executive Director of STP's National Road Institute (INAE), emphasized the importance of the project, stating, "We expect all future roads to be built to at least this standard, with a focus on climate resilience." The project, financed by the World Bank, sets a new standard for building climate-resilient roads...
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Bhutan's Economy Maintains Robust Growth Despite Challenges
THIMPHU, May 3, 2024—Bhutan’s economy is on a path of robust growth despite facing challenges, as highlighted in the recent World Bank reports.The April 2024 Bhutan Development Update revealed that the economy is expected to experience a 4.6 percent real GDP growth in FY22/23, with a further acceleration to 4.9 percent in FY23/24. Abdoulaye Seck, World Bank Country Director for Bangladesh and Bhutan, emphasized the importance of enabling the business environment to attract Foreign Direct Investments and promoting the private sector to create more jobs aligned with the...
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Greater Investment in Education Key to Driving Stronger Economic Growth, Economic Diversification
PORT MORESBY, May 2, 2024 – Papua New Guinea’s economy is forecast to accelerate in 2024 after a slowdown last year, yet greater investment in education is critical to the country’s longer-term economic future, a World Bank report released on Thursday says.According to the World Bank's Papua New Guinea Economic Update: Invest in Your Children report, the economic growth in Papua New Guinea is projected to rise to 4.8% this year from 2.7% in 2023 after the reopening of the Porgera gold mine. However, growth is expected to remain below its pre-pandemic trajectory.World...
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Improving Education Infrastructure and Quality in Togo
Lavié Péniel, May 3, 2024 - "Before the construction of this new building, many children had abandoned our school because the classrooms were made of tree trunks, sheet metal and foliage, and provided no shelter from the rain. When it rained, we had to send them home and so the school day was cut short. Today, I am proud to have a school with a solid structure, one worthy of being called ‘school!’ Some students have gradually returned, and the number of students will increase further at the start of the next school year," said Dabitora Saguintaah-Tiwarka, the principal of...
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World Bank Funds $68 Million Project in The Gambia to Boost Agricultural Productivity
The World Bank has approved a $68.00 million financing for The Gambia Inclusive and Resilient Agricultural Value Chain Development (GIRAV Project), with part of the funding coming from the International Development Association Crisis Response Window.Aifa Fatimata Ndoye Niane, Senior Agriculture Economist and Project Task Team Leader, highlighted the importance of the funding, stating, “This funding boost for GIRAV will address various critical needs: replenishing diverted resources, tackling food crises with climate-smart solutions, enhancing rural infrastructure for...
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Afghanistan’s Economic Decline Continues but Private Sector Can Support Growth, Says World Bank
WASHINGTON, May 2, 2024—Afghanistan's economic outlook remains uncertain, with the threat of stagnation looming large until at least 2025, says the World Bank in its latest Afghanistan Development Update.The report, Navigating Challenges: Confronting Economic Recession and Deflation, notes that a 26 percent contraction in real GDP growth, coupled with declining external financing avenues for off-budget expenditures, paints a stark picture of Afghanistan’s economic prospects. Structural deficiencies in the private sector, together with waning international support for...
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World Bank Announces New Strategy to Promote Green, Resilient and Inclusive Development in Jamaica
Washington, D.C., May 2, 2024 – The World Bank Group’s Board of Directors has endorsed a new strategic partnership for Jamaica aimed at promoting green, resilient, and inclusive development over the 2024-2027 period. The strategy focuses on advancing various aspects of development while also supporting the government's efforts towards debt reduction and fiscal resilience.Jamaica's Minister of Finance and the Public Service, Nigel Clarke, emphasized the importance of sustaining macroeconomic stability and fiscal sustainability while driving economic expansion. Clarke...
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World Bank Launches Training Program on Post-Production in Film Industry to Create Jobs in Bangladesh
DHAKA, May 02, 2024 – The World Bank has initiated a training program titled 'PostPro TalentLab' aimed at providing aspiring professionals in Bangladesh with the necessary skills for post-production jobs in the film and content-making industry, both locally and internationally.Abdoulaye Seck, World Bank Country Director for Bangladesh and Bhutan, expressed optimism about the potential of Bangladesh in the global post-production industry, stating, “With our large youth population, Bangladesh has a promising future in the global post-production industry, if supported by the...
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Realizing Education's Promise: Rebuilding Indonesia's Madrasahs and Returning Students to the Classroom After an Earthquake
On May 1, 2024, it was reported that Indonesia's Ministry of Religious Affairs had successfully rehabilitated 64 madrasahs in the Cianjur district of West Java, following a devastating earthquake in November 2022. The World Bank, in collaboration with the government, implemented the Realizing Education's Promise Project to restore a safe learning environment for more than 13,000 students affected by the disaster.Afi Suprapti, a kindergarten madrasah principal, expressed gratitude for the quick response and support received, stating, “When we heard about it, we were very...