The World Bank
Recent News About The World Bank
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Cambodia's coordinated efforts bolster preparedness against future pandemics
When the World Health Organization declared COVID-19 a pandemic on March 11, 2020, few countries were prepared for the virus that was rapidly spreading across the globe. Cambodia was no exception. However, to its credit, the Ministry of Health responded swiftly with a COVID-19 National Action Plan that introduced measures to improve case detection and management and increase the availability of critical medical supplies and equipment. The action plan also initiated broader measures to strengthen Cambodia’s health system that today are providing a sure footing for Cambodia to...
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Island nations aim for resilience through blue economy initiatives
Caught in the crosshairs of escalating global crises, Small Island Developing States (SIDS) will meet from May 27-30, 2024, with the international community to discuss ways to tackle issues including their vulnerability to climate change impacts, exposure to pollution, and economic headwinds.
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World Bank approves $40 million project for job skill improvement in Cambodia
Approximately 33,000 Cambodians are expected to receive improved training and labor market services following the approval of a $40 million credit by the World Bank’s Board of Executive Directors on Thursday.
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World Bank reports severe economic downturn for Palestine amid ongoing conflict
WASHINGTON, May 23, 2024 – The World Bank has issued its latest update on the impact of the conflict in the Middle East on the Palestinian economy. The report draws on the latest available data and analysis to assess the ongoing impact of the conflict on the Palestinian economy.
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World Bank supports Malawi's fiscal governance with $80 million grant
The World Bank is providing support to improve resource mobilization, budget execution, and transparency of public finances to assist the achievement of results under the Malawi Public Finance Management (PFM) Strategy 2023-2028.
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Efforts promote coexistence between Panamanian farmers and jaguars
Panama is recognized for its rich biodiversity, with forests that form a natural corridor connecting jaguar habitats from Mexico to Argentina. However, this environment faces significant challenges, with over 40 percent of jaguar habitat lost due to agricultural expansion and deforestation. Cattle farming has been a primary driver of this loss, leading to increased human-wildlife conflict as jaguars prey on cattle, prompting retaliatory killings by farmers.
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World Bank highlights importance of data for diversified growth in Algeria
The Spring 2024 Algeria Economic Update underscores the country's dynamic economic activity and slowing inflation while highlighting the importance of data in supporting Algeria’s efforts toward sustainable, diversified growth.
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World Bank aids Vanuatu's resilience against natural disasters
Over the course of 10 years, the World Bank has supported efforts by the government of Vanuatu to build the skills and institutions needed to manage frequent volcanic eruptions, earthquakes, and increasingly severe cyclones. This collaboration with one of the world’s most climate-vulnerable countries could serve as a model for other small island states facing similar challenges.
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Investing in Moldova's forest biodiversity aims at sustainability
Biodiversity sustains human life by helping keep air and water clean and providing nutritious food. Every plant and animal, regardless of size, plays a crucial part in ecosystems, the health of which depends on how humans manage biodiversity.
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World Bank emphasizes integrating biodiversity into global economic planning
The World Bank Group’s mission is to end poverty on a livable planet. With more than 50 percent of global GDP—$44 trillion in economic resources—dependent on nature, it is critical to understand the economic impact of biodiversity to achieve this mission.
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World Bank pledges support for Bulgaria's data governance efforts
The World Bank has announced its intention to provide analytical and advisory support to the Bulgarian Ministry of eGovernment. This assistance aims to bolster the strategic, organizational, and technical foundations for data governance and data spaces in Bulgaria. The move aligns with Bulgaria's efforts to comply with the European Union's (EU) strategy for data, which seeks to increase the availability of data for economic and societal use while ensuring adherence to European rules regarding privacy, data protection, and competition.
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Global carbon pricing revenues hit record $104 billion in 2023
In 2023, carbon pricing revenues reached a record $104 billion, according to the World Bank’s annual “State and Trends of Carbon Pricing 2024” report released today. The report indicates that there are now 75 carbon pricing instruments in operation worldwide. More than half of the collected revenue was allocated to fund climate and nature-related programs.
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Young Antiguan wins global sustainable car design contest
Fourteen-year-old Daniel Athill Jona from Antigua and Barbuda was declared the second-place winner in his age group in the 2023 global competition for sustainable car design. His entry was chosen among 780,000 entries from 90 countries, making him the first Caribbean winner in the history of the competition.
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World Bank approves $35M loan for Black Sea submarine cable project
The World Bank’s Board of Executive Directors has approved a $35 million loan for the first phase of the Enhancing Energy Security through Power Interconnection and Renewable Energy (ESPIRE) Program for Georgia. The ESPIRE Program, with a potential financing envelope of up to $500 million, aims to enhance Georgia’s institutional capacity for submarine cable projects, strengthen its domestic power transmission system, and establish an electricity interconnection between the South Caucasus and Southeast Europe. Additionally, it seeks to reduce internet connection costs and...
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Egypt prioritizes education reform to prepare students for future workplaces
Education is widely recognized as a powerful catalyst for development, instrumental in reducing poverty and improving health, gender equality, peace, and stability. It is also crucial for preparing children for the future by equipping them with fundamental skills such as reading, which is essential for further learning and productivity later in life.
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Nepal and World Bank launch $4.6 million project to combat gender-based violence
On May 21, 2024, the Government of Nepal and the World Bank jointly launched the Institutionalizing Gender-Based Violence Response in Federal Nepal Project. The Honorable Minister of Women, Children, and Senior Citizens, Ms. Bhagbati Chaudhary, and World Bank Country Director for Maldives, Nepal, and Sri Lanka, Mr. Faris Hadad-Zervos were present at the launch.
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Uzbekistan plans new solar plant with World Bank Group support
TASHKENT, May 21, 2024 — A new solar photovoltaic plant and battery energy storage system (BESS) are set to be constructed in Uzbekistan, thanks to a financial package signed by the World Bank Group, Abu Dhabi Future Energy Company PJSC (Masdar), and the Government of Uzbekistan. The project, which will have a capacity of 250 megawatts (MW) with a 63-MW BESS, aims to provide clean and reliable electricity access to approximately 75,000 households.
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Zambia signs agreement with World Bank to reduce carbon emissions
Communities in Zambia's Eastern Province are set to benefit from a new Emission Reductions Purchase Agreement (ERPA) signed by the Government of the Republic of Zambia and the World Bank’s BioCarbon Fund Initiative for Sustainable Forest Landscapes (ISFL). The agreement will provide up to $30 million in results-based payments, rewarding these communities for their efforts to reduce around three million metric tons of CO2e emissions between 2024 and 2029.
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Addressing global disparities in access to water: A call for action
The global disparity in access to water resources and services, as well as the impacts of climate-related water shocks, necessitates a comprehensive response to enhance water accessibility, bolster climate resilience, alleviate poverty, and promote shared prosperity.
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World Bank report calls for urgent action on global water security
Water security is a crucial component of poverty reduction, yet billions worldwide may continue to lack access to clean water unless urgent action is taken, according to a report released by the World Bank on May 20, 2024. The report highlights the necessity of safe drinking water and sanitation, reliable water supply for agriculture and industry, and protection against droughts and floods for human and economic development.