The World Bank
Recent News About The World Bank
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World Bank approves €599.1 million loan for green growth in Romania
The World Bank Group Board of Executive Directors approved a Development Policy Loan (DPL) for Romania amounting to €599.1 million. The Romania Fiscal Management and Green Growth DPL aims to strengthen the country's fiscal framework, promote green and inclusive growth, and stimulate private-sector investment.
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Malawi faces economic hurdles amid drought; urgent reforms needed
LILONGWE, July 25, 2024 – A drought and an incomplete reform agenda are undermining prospects for a rapid economic recovery in Malawi. Economic growth in Malawi fell short of expectations in 2023 and is projected to remain subdued in 2024. While the implementation of planned macroeconomic and structural reforms is expected to boost GDP growth over the medium term, an El Niño-induced drought has worsened the near-term growth outlook. The drought has compounded longstanding macroeconomic imbalances, with large fiscal deficits, balance-of-payments challenges, unsustainable debt,...
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Community efforts revive abandoned center near Valle Nuevo National Park
At the border of Valle Nuevo National Park in the Dominican Republic, an abandoned community center known as “Las Golondrinas” stands as a testament to unfulfilled aspirations. Named after the endemic bird species residing in the park, the center was built in 2010 to foster social connections and promote conservation efforts for Valle Nuevo National Park.
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World Bank urges urgent reforms for Malawi's economic stability
Malawi's current economic challenges necessitate a blend of immediate response measures and urgent reforms to address longstanding macroeconomic imbalances, including persistent fiscal deficits, balance-of-payments issues, unsustainable debt, and price instability. These factors have significantly impacted the country's economy in recent years, according to the latest World Bank Malawi Economic Monitor (MEM).
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World Bank highlights circular economy potential in Central Asia
The World Bank has released a new report titled "Circular Economy as an Opportunity for Central Asia," highlighting the potential benefits of adopting circular economy principles in the region. The report outlines three action plans focused on construction, agri-food, and urban management sectors, based on case studies from Kazakhstan and Uzbekistan.
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US commits $667M; Germany pledges $54M towards pandemic fund goal
The United States has pledged up to $667 million and Germany has committed $54 million to the Pandemic Fund, aiming to raise at least $2 billion to address high demand from low- and middle-income countries. This announcement was made on the sidelines of the G20 Finance Ministers and Central Bank Governors meeting in Rio de Janeiro.
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World Bank commits as lead knowledge partner in G20 Global Alliance Against Hunger
Poverty and hunger are intertwined and impacted by many challenges that have far-reaching consequences if left unaddressed.
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World Bank announces new initiatives targeting global hunger
The World Bank Group today unveiled a comprehensive package of initiatives to address urgent poverty and hunger, aiming to enable vulnerable populations to increase earnings, enhance resilience against climate shocks, and promote empowerment for women and girls.
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World Bank announces new partnership framework with Cameroon focusing on jobs and service delivery
WASHINGTON, July 23, 2024 – The World Bank Group (WBG) has announced a new Country Partnership Framework (CPF) for Cameroon, focusing on creating more and better jobs and enhancing effective and inclusive service delivery institutions. This initiative will also pay special attention to climate and fragility issues.
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Public Institutions Data and Analytics Global Unit enhances governance through strategic data initiatives
The Public Institutions Data and Analytics Global Unit is responsible for enhancing the use of data and analytics in governance and institutional topics. It provides strategic support for cross-cutting engagements with a focus on how data and evidence can improve the functioning of public institutions. The unit delivers on three main programs: global trends in governance, country-level data and analytics, and climate change and institutions, including the political economy of climate change.
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World Bank partners with Japan on $2.76M project benefiting farmers
SAN SALVADOR, July 23, 2024—The World Bank, Japan, and El Salvador are collaborating on a project to improve market access, food security, and dietary diversity in the El Bálsamo mountain range in La Libertad department. This initiative will directly benefit 6,250 farming families and will be implemented by Catholic Relief Services (CRS) of El Salvador.
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Trends show fragile states receive less climate adaptation funding
Global funds supporting climate adaptation are essential for low-income countries, particularly those experiencing fragility and conflict. Countries on the World Bank’s Fragile and Conflict-affected Situations (FCS) list are notably underserved in terms of adaptation finance from international funders. The scale and nature of this financing gap remain unclear, as does the allocation of adaptation finance across different fragile and conflict-affected settings.
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World Bank reaffirms support to South Africa & Namibia amid developmental progress
A delegation of the World Bank Group’s (WBG) Board of Executive Directors (EDs) has noted South Africa’s and Namibia’s progress in achieving their development goals and reaffirmed the World Bank Group's commitment to providing support. The 11 EDs and Alternate EDs were hosted by the World Bank and International Finance Corporation (IFC) country offices during their visit from July 7-13.
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World Bank notes steady progress but calls for continued reform in Ghana
ACCRA, July 22, 2024 - The World Bank’s 8th Economic Update for Ghana, titled "Strengthening Domestic Revenue Systems for Fiscal Sustainability," indicates that despite recent increases in exchange rate depreciation and slower-than-expected inflation reduction, Ghana’s economic indicators remain on track for 2024 and beyond.
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Algeria moves up income classification amid modernization efforts
The most recent example of this was seen in the release of the World Bank's annual income classification report on July 1, 2024. Algeria was one of only four countries worldwide that moved across the threshold from a lower-middle-income to upper-middle-income classification. The remarkable aspect of this shift for Algeria is that it was primarily due to a modernization of systems to overhaul statistical capacity, which allowed a more accurate measure of the country’s GDP. While the Algerian economy grew by 4.1% in 2023, the main driver of the upward reclassification was a...
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World Bank approves $21M for financial stability and climate resilience in Marshall Islands
The World Bank’s Board of Executive Directors has approved a new support package aimed at strengthening fiscal management and enhancing disaster and climate resilience in the Republic of the Marshall Islands (RMI). The initiative, valued at US$21 million in grants, seeks to address long-term challenges posed by climate change, population decline, and a limited private sector.
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Bosnia marks three decades of partnership with World Bank
Since 1993, the World Bank Group has been a partner to Bosnia and Herzegovina, fostering a lasting collaboration. Bosnia and Herzegovina has witnessed the benefits of international development support, enabling it to achieve upper-middle-income status. Today, the World Bank Group and Bosnia and Herzegovina remain dedicated to advancing the economy, enhancing living standards, and supporting the country’s aspirations to join the European Union.
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New program launched for rural land transformation in Côte d'Ivoire
The government of Côte d’Ivoire and the World Bank have officially launched the Rural Land Tenure Management Strengthening Program (PRESFOR) in Guiglo, located in the Cavally region. PRESFOR, implemented by the Rural Land Agency (AFOR), supports the $200 million National Rural Land Registration Program across 16 of the country’s 31 regions, focusing on efficiency, inclusiveness, and social cohesion.
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Moroccan economy shows resilience amid global challenges but faces internal hurdles
RABAT, July 18, 2024 — Despite various obstacles, including a slowdown in the global economy, an inflation shock, and the Al Haouz earthquake, the Moroccan economy has shown resilience and accelerated with real output increasing by 3.4 percent in 2023, according to the World Bank's latest economic monitor for the country.
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Uzbekistan empowers villages through community-driven development projects
Nearly half of Uzbekistan’s 37 million population resides in rural areas, where access to clean drinking water, quality healthcare services, and education outcomes are often limited. These disparities particularly affect women and children.