The World Bank
Recent News About The World Bank
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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...
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Bending Bamboo Shoots: Strengthening Foundational Skills
On April 25, 2024, a report was released focusing on the economic developments and outlook of Malaysia, as well as the efforts in strengthening foundational skills within the country. The report highlighted key findings and recommendations for the future.In terms of economic developments, Malaysia is projected to experience a higher growth rate of 4.3 percent in 2024, following weaker-than-expected growth outcomes in the previous year. The report emphasized that domestic demand will continue to be the main growth driver, supported by a partial recovery of global demand...
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Interview with World Bank Country Manager Emanuel Salinas on Pension Reform in Albania
Apr 25 2024Emanuel Salinas, the World Bank Country Manager, recently discussed the ongoing pension reform efforts in Albania in an interview with Monitor magazine. Salinas provided insights into the collaborative work between the World Bank and Albanian authorities to address challenges in the public pension scheme.Salinas highlighted the World Bank's involvement in the process, stating, "The value adds we bring to the discussion is the use of our actuarial-based model to carry out long-run financial projections of the pension scheme and the international experience on...
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Improving Early Education Essential to Improve Skills in Malaysia, Support Long-term Growth, World Bank Report Says
KUALA LUMPUR, April 25, 2024— Malaysia's long-term growth prospects hinge on enhancing its human capital through improving learning outcomes for children, as highlighted in the World Bank Malaysia Economic Monitor report titled “Bending Bamboo Shoots: Strengthening Foundational Skills” released today.According to Malaysia's Minister of the Economy Mohd Rafizi Ramli, addressing the dual challenge of economic growth and ensuring public well-being requires a focus on education as a pathway to productive employment. Minister Ramli emphasized, "In the long run, it's about...
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Reforms and relief: How Somalia turned a page amid a global debt crisis
On April 24, 2024, it was reported that Somalia has made significant strides in implementing reforms with the backing of the international community. Despite facing obstacles from both domestic and external factors, the country has been able to rebuild its economy and state institutions.One of the key factors in Somalia's progress has been the support it has received from the international community. As stated in a report, "With support from the international community, Somalia has successfully implemented wide-ranging reforms aimed at rebuilding its economy and state...
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Viet Nam’s Economy Poised for Gradual Recovery, World Bank Report Finds
Ha Noi, April 23, 2024—Viet Nam's economy is showing signs of recovery, with growth expected to reach 5.5% in 2024 and gradually rise to 6.0% by 2025, as stated in the latest World Bank Taking Stock bi-annual economic update released today.The report highlights that while exports are recovering, consumption and private domestic investment are growing more gradually. Real exports are expected to increase by 3.5% in 2024, reflecting an improvement in global demand. Furthermore, a turnaround in the real estate sector is anticipated, which will boost domestic demand as...
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Human Capital Ministerial Conclave Focuses on Digital Technology and AI
At the recent Human Capital Ministerial Conclave, esteemed speakers and ministers gathered to discuss the potential of digital technology and artificial intelligence in shaping the future of human capital development. The event, held during the Spring Meetings, emphasized the role of technology in enhancing how countries build, utilize, and safeguard their human resources.One of the key points raised during the Conclave was the importance of foundational infrastructure and skills in preparing individuals for the opportunities presented by the digital economy. Axel van...
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Supporting the People of Afghanistan
Amid ongoing challenges in Afghanistan, the Afghanistan Resilience Trust Fund (ARTF) has been instrumental in providing essential services to the people of Afghanistan. According to the ARTF, projects funded by the organization are delivering crucial support to the Afghan population, including food, livelihoods, health, water, and education services.These projects are being carried out independently of the interim Taliban administration's control, with implementation overseen by United Nations agencies and non-governmental organizations. The coordination of activities...
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Assessment of Gender-Specific Challenges to Cross-Border Trade in Jordan
Amidst the global push for increased international trade to alleviate poverty and enhance economic opportunities, a recent study has shed light on the gender-specific challenges faced by women in cross-border trade in Jordan. The research, conducted by the World Bank, aimed to identify barriers encountered by women-led businesses engaging in trade activities in the country.According to the study, men predominantly dominate cross-border trade in merchandise goods in Jordan. Despite this, the primary hurdles faced by women-led businesses were not directly linked to official...
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Replicable Mass Transit Systems Reduce Emissions and Connect People to Opportunities in Latin American Cities
Apr 23 2024World Bank projects have resulted in reduced greenhouse gas (GHG) emissions and commuting times, with examples such as the upgrading and greening of Rio de Janeiro's Urban Rail System reducing transport-related GHG emissions by 89 percent compared to the counterfactual. São Paulo's Metro Line 5 is estimated to save 2,960,000 tCO2eq over its economic lifetime. Investments in Bus Rapid Transit (BRT) in Buenos Aires reduced travel times for BRT users by 53 percent between 2016 and 2019.The World Bank's focus on promoting inclusion of the poor is evident in...