The World Bank
Recent News About The World Bank
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World Bank approves $6.39 million grant for reducing pollution in Black Sea
The World Bank has approved a $6.39 million grant from the Global Environment Facility (GEF) for the Blueing the Black Sea (BBSEA) GEF Regional Project. This initiative aims to assist governments and the private sector in Georgia, Moldova, Türkiye, and Ukraine in reducing pollution in the Black Sea. The United Nations Office for Project Services (UNOPS) will be the recipient and implementing entity of the project.
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World Bank report highlights potential benefits of investing in healthy longevity
By 2050, one in three people will be over 60 years old. With bold action to promote healthy longevity, developing countries could save 150 million lives and extend millions more, according to a new World Bank report. Saved health care costs, healthier lifestyles, increased workforce productivity, and lower public expenditure on social services would also generate enormous economic value.
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World Bank outlines new strategy for sustainable growth in Montenegro
The World Bank Group's Board of Executive Directors has discussed a new Country Partnership Framework (CPF) for Montenegro, covering the period from 2025 to 2029. This strategy is designed to support sustainable economic growth and enhance climate resilience as Montenegro continues its efforts toward European Union accession.
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Nepal hosts second international conference focusing on resilient inclusive social protections
Global experts gather in Kathmandu to explore social protection's role in reducing poverty, building resilience, and investing in human capital.
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World Bank highlights need for investment in Liberia's energy sector
MONROVIA, September 12, 2024 - The World Bank released the fifth edition of its annual Liberia Economic Update today, titled "Powering Growth with Reliable, Affordable, and Sustainable Energy Access." The report provides a detailed analysis of recent economic developments in Liberia, emphasizing the critical role of reliable energy in promoting sustainable growth.
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World Bank approves $70 million grant for climate resilience in Central African Republic
The World Bank has approved a US$70 million grant from the International Development Association (IDA) to enhance access to basic infrastructure and services and build climate resilience in cities across the Central African Republic.
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Croatia enhances mechanisms against poverty with EU and World Bank support
ZAGREB, September 11, 2024 – The Government of Croatia is committed to reducing the number of people at risk of poverty or social exclusion. To this end, the Ministry of Labor, Pension System, Family, and Social Policy (MLPSFSP) initiated a project to build a modern comprehensive policy framework for combating poverty and social exclusion, based on an evidence-based diagnostic at the sub-national level.
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Balancing technological advancement with job security in Central America
Technological progress holds the potential to significantly disrupt labor markets while also creating new job opportunities in Central America and the Dominican Republic. Advances in agricultural and industrial machinery, computers, and artificial intelligence (AI) have enabled machines to undertake many tasks previously performed by humans, posing a risk to jobs.
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Croatia enhances efforts against poverty with new data-driven policy framework
The Government of Croatia is committed to reducing the number of people at risk of poverty or social exclusion. To this end, the Ministry of Labor, Pension System, Family, and Social Policy (MLPSFSP) initiated a project to build a modern comprehensive policy framework for combating poverty and social exclusion, founded on an evidence-based diagnostic at the sub-national level.
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World bank president outlines new vision during Sydney speech
As Prepared for Delivery
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Pacific Island leaders urge robust replenishment of World Bank's International Development Association
Leaders from Pacific Island countries have called for a robust 21st replenishment of the World Bank’s International Development Association (IDA21), echoing similar appeals from African Heads of State who agreed in April on a bold transformation agenda with IDA as a cornerstone. Hosted by the Pacific Islands Forum Secretariat, leaders and representatives from 11 countries met with World Bank Group President Ajay Banga last week and reaffirmed IDA’s critical role in supporting Pacific islands to boost development and climate resilience.
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Axel van Trotsenburg highlights urgent action needed at Innovate4Climate conference
As prepared for delivery
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World Bank approves $150 million loan for Bahia's road improvements
The World Bank Board of Directors has approved a new project to upgrade road infrastructure in the state of Bahia, Brazil, benefitting 2.35 million people.
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World Bank supports global shift towards sustainable public procurement
The choices made in procurement today can significantly influence the world of tomorrow. Unsustainable decisions support industries detrimental to the environment and society, while sustainable procurement promotes practices that benefit both the planet and communities. In 2022, the global public procurement market was estimated at $12-13 trillion. The potential impact if this spending were guided by climate and social considerations is substantial.
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World Bank funds Rwandan youth skills program
Washington, September 9, 2024 — The World Bank has approved new funding to empower and build the skills of more than 200,000 youths in Rwanda through the Priority Skills for Growth and Youth Empowerment (PSGYE) Program.
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Philippines' path to sustained economic growth amidst global challenges
Thirty-seven years ago, when this newspaper was reformed under its new name, the average Filipino earned less than one-tenth of the income of the average high-income person. Since then, the Philippine economy has experienced significant growth. Today, that same average Filipino earns almost one-third of the income of his peers in high-income countries — still a large gap but a narrowing one. The value Filipinos add at work has doubled in real terms since the late 1980s. However, this growth was not uniform over the 37 years. The past decade, even with the COVID-19 shock that...
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World Bank advances real-time welfare monitoring initiatives
In today's rapidly changing world, timely development data is crucial for effective policymaking. The World Bank and its partners are working to invest in frontier approaches to monitor poverty and welfare in real time. By combining traditional data sources with cutting-edge technologies and methodologies, the aim is to develop advanced tools to inform decision-making and strengthen the adaptive capacity of policies.
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World Bank strengthens banking ties for seven Pacific nations
Seven Pacific Island countries will maintain uninterrupted access to the global financial system through a new World Bank project aimed at strengthening correspondent banking relationships in the region. The initiative, announced by World Bank Group President Ajay Banga during his first visit to the area, is designed to support Fiji, Kiribati, Republic of the Marshall Islands, Samoa, Tonga, Tuvalu, and Vanuatu. Additionally, it includes one regional organization, the Pacific Islands Forum.
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World Bank partners with South Sudan on $18M project
The World Bank Group Executive Board of Directors has approved International Development Association (IDA) grant financing to the Government of the Republic of South Sudan (GoSS) to support the strengthening of institutional and human resource capabilities in the public service. The IDA grant of $15 million will be supplemented by GoSS counterpart funding of $3 million, bringing the total project amount to $18 million.
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World Bank outlines strategies for sustainable economic growth in Bhutan
Bhutan has achieved significant progress in poverty reduction, human development, and economic growth over the past decades, primarily driven by its hydropower sector and human development policies. To maintain this momentum and generate quality jobs for its youth, the country must diversify its economy beyond hydropower and implement agricultural and financial sector reforms, according to a new World Bank report.