The World Bank
Recent News About The World Bank
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World Bank Conclave focuses on equipping youth with essential future job skills
In a rapidly evolving world influenced by digital technology, climate change, and fragility, the youth face new challenges and opportunities.
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Latvia boosts contribution to World Bank fund by 60% amid global crises
Latvia has committed to increasing its financial contribution to the International Development Association (IDA) by 60%, amounting to €9.48 million.
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World Bank focuses on jobs and gender at Annual Meetings
The World Bank Group's recent Annual Meetings showcased significant progress in its reform agenda and introduced a new focus on job creation.
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International bodies propose coordinated approach on climate action in new joint report
Five international organizations have released a significant report detailing potential coordinated approaches to climate action, carbon pricing, and the cross-border effects of climate change mitigation policies. The report was presented by the Joint Task Force on Climate Action, Carbon Pricing, and Policy Spillovers, convened by the World Trade Organization (WTO) and joined by the International Monetary Fund (IMF), Organisation for Economic Co-operation and Development (OECD), United Nations Conference on Trade and Development (UNCTAD), and the World Bank.
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World Bank launches strategy for women's economic empowerment by 2030
The World Bank Group has announced its Gender Strategy 2030, aiming to enhance economic opportunities for women by 2030. The initiative was introduced at the 2024 World Bank Group Annual Meetings and focuses on three main areas: broadband access, social protection, and capital provision.
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World Bank reviews Nepal's human capital for economic growth
The World Bank Group has released the Nepal Human Capital Review (NHCR) as part of its global Human Capital Project. This initiative highlights the importance of investing in people to boost economic growth and prosperity through improved education, health, and nutrition. The review aims to understand why income inequalities persist and why many Nepalis remain in poverty.
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Spain boosts financial pledge by nearly 40% for international development association
Spain has announced an early financial commitment of €400 million to the International Development Association (IDA), the World Bank's fund for low-income countries. This represents a 37% increase compared to the previous IDA replenishment cycle, highlighting Spain's ongoing dedication to sustainable development worldwide. With this contribution, Spain's total donations exceed €5 billion since IDA's inception.
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Cabo Verde advances toward becoming a West African digital hub
Cabo Verde is setting its sights on becoming a digital hub in West Africa, with significant investments aimed at modernizing public services and boosting the economy. The government has outlined plans to digitize 60% of public services by 2026, with aspirations to reach over 80% by 2030. Key initiatives include the Weblabs program, which educates nearly 14,000 students in digital fields, and Cabo Verde Digital's efforts to foster innovation among startups.
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World Bank doubles commitment in agribusiness aiming for $9 billion annually by 2030
The World Bank Group has announced a significant shift in its approach to agribusiness, aiming to create a comprehensive ecosystem for the industry. This new strategy will see the institution double its agri-finance and agribusiness commitments to $9 billion annually by 2030. The announcement comes as four key trends—climate change, financial innovations, digitalization, and solutions to fragmentation—are reshaping the agribusiness landscape.
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World Bank Group partners with Austria for new Vienna Development Knowledge Center
Austria has been a long-standing partner of the World Bank Group (WBG), supporting various knowledge programs over the years. These programs have covered topics such as financial sector reform, investment climate, urban development, climate change, and water management. Recently, Austria supported the expansion of the WBG Vienna office into a significant operations hub for the Europe and Central Asia (ECA) region, which now hosts over 300 staff.
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World Bank emphasizes need for increased investment in global water security
Axel van Trotsenburg, Senior Managing Director at the World Bank Group, addressed the pressing issue of water security at the "Financing Water Security: Increasing Investments to Close the Gap Between Water Demand and Supply" event. Van Trotsenburg highlighted that over 2.2 billion people lack access to safe drinking water, with 3.5 billion living without safely managed sanitation. He emphasized that these deficiencies affect public health, environmental sustainability, food security, and social stability.
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World Bank outlines strategic shift towards sustainable growth in agriculture
Washington, DC – On October 23, 2024, World Bank Group President Ajay Banga delivered remarks at the "Agriculture and Food as an Engine of Sustainable Growth and Jobs" event during the 2024 World Bank Group Annual Meetings. Banga outlined a new strategic approach to agribusiness that leverages emerging shifts in agriculture to address global food demand projected to increase by 50 to 60 percent in the coming decades.
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Global Sovereign Debt Roundtable reviews progress on debt restructuring
The Global Sovereign Debt Roundtable (GSDR) convened today in Washington, DC, to evaluate progress on enhancing debt restructuring processes and timelines. The discussions also focused on identifying priority areas for future work aimed at addressing debt vulnerabilities.
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World Bank suggests taxing harmful products could benefit Brazil's low-income families
Brazil is considering a strategic approach to taxation that could enhance public health and government revenue, according to a new policy note from the World Bank. The focus is on taxing tobacco, alcohol, and sugary drinks to reduce mortality rates.
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World Bank's van Trotsenburg outlines four pillars for tackling climate crisis
Axel van Trotsenburg, Senior Managing Director, addressed the V20 Ministerial Dialogue XIII, emphasizing four key elements crucial to tackling the climate crisis and fostering sustainable growth. He began by highlighting the importance of solid national policies as foundational for building climate ambition. "They can set a clear direction of travel to redirect subsidies to be more effective," he stated.
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World Bank launches global programs tackling major development issues
The World Bank Group has introduced a series of Global Challenge Programs (GCPs) designed to address significant development issues with increased efficiency and impact. These programs are a part of the Better Bank initiative, aiming to integrate public and private solutions to global challenges more effectively. The GCPs represent a strategic shift from minor adjustments to substantial innovation, targeting areas where the World Bank Group can make a notable difference.
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World Bank highlights Panama's progress but stresses need for equity
Despite its status as a high-income country, Panama continues to grapple with significant inequality. The nation has made strides in reducing poverty and closing social gaps, yet challenges remain on the path to a more equitable society.
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Morocco-World Bank partnership strengthens one year after Marrakech Annual Meetings
One year after the Marrakech Annual Meetings, the collaboration between Morocco and the World Bank continues to grow. The meetings in Marrakech gathered global leaders and representatives from various sectors to discuss critical issues such as climate change, debt management, employment, and gender equality. During these discussions, the World Bank revealed its plan to work towards a world free of poverty on a livable planet.
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Crecer Sano Project tackles malnutrition among Guatemala's indigenous communities
Guatemala faces significant challenges with chronic malnutrition, particularly in its indigenous communities. Nearly half of the country's children under five suffer from stunting, a condition exacerbated by poverty and limited access to healthcare. In response, the Crecer Sano Project was initiated in 2017 to address these issues, focusing on the first 1,000 days of life.
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Suriname joins World Bank's International Development Association as 175th member
Suriname has officially joined the World Bank Group's International Development Association (IDA), becoming its 175th member. This development marks a notable step in Suriname's ongoing efforts to enhance its economic and environmental resilience.