The World Bank
Recent News About The World Bank
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World Bank approves $30 million for Zanzibar's judicial modernization project
The World Bank has approved new financing aimed at enhancing access to justice, efficiency, and transparency of judicial services for the citizens of Zanzibar. This initiative builds on the government of Zanzibar's ongoing reforms that emphasize the importance of accountable and effective justice institutions and efficient procedures.
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World Bank extends $125 million emergency support to flood-hit Rio Grande do Sul
The World Bank is extending emergency support to the state of Rio Grande do Sul in Brazil, which has been severely affected by recent rains and floods. Approximately US$125 million (around R$625 million) from ongoing projects are immediately available for reallocation. The funds are sourced from the "Urban Resilience Program in Southern Brazil", "Revitalization Program for the Central Area of Porto Alegre", and "Support Program for the New Bolsa Família". Moreover, World Bank teams are offering technical assistance in damage assessment, resource prioritization, and fund...
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World Bank supports post-pandemic health-sector reform in East Asia and Pacific
The COVID-19 pandemic has highlighted the need for reform and investment in national health systems. In response, the World Bank is supporting post-pandemic health-sector changes, with a focus on expanding coverage, improving primary healthcare quality, and strengthening core public health functions. The organization is also preparing for potential future pandemics and working to enhance the efficiency of healthcare delivery and expenditures.
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New World Bank Country Director Appointed for Viet Nam, Cambodia, and Lao PDR
The World Bank has appointed Ms. Mariam Sherman as the new Country Director for Viet Nam, Cambodia, and Lao PDR, effective May 1, 2024.
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Sustained Recovery in Tunisia Requires Swift Action to Seize Opportunities
TUNIS, May 8, 2024 — Tunisia's economic recovery slowed in 2023, due to a severe drought, tight financing conditions and a modest pace of reform, leaving the country's growth below pre-COVID levels, and making it one of the slowest recoveries in the Middle East and North Africa region, according to the Spring 2024 edition of the World Bank's Economic Monitor for Tunisia.
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Maldives Development Update: Economic Challenges and Fiscal Reforms Ahead
The Maldives Development Update (MDU) has two main goals. First, it takes the pulse of the Maldivian economy by providing key developments over the past 12 months. Placing these in a global context, and based on these recent developments, it analyzes the outlook over the medium term. Second, every other edition of the MDU provides a more in-depth investigation of selected economic and policy issues. It has a wide audience including policymakers, policy analysts from think tanks or non-governmental organizations, and business and financial sector professionals interested in...
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Forests, Wetlands, and Landscapes to Restore in Armenia with World Bank Support
The World Bank’s Board of Executive Directors approved the RESILAND: Armenia Resilient Landscapes Project (RESILAND Armenia) on May 8, 2024, to help the government strengthen community engagement and improve the management of forests, wetlands, and protected areas in selected locations in Armenia. The project, supported by the Global Environment Facility (GEF) and co-financed by the Government of Sweden, aims to reinforce the institutional framework for sustainable landscape management, expand areas under sustainable management, mitigate forest fragmentation, increase tree...
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World Bank Vice President Engages with Pakistan on Development Strategies
World Bank Vice President Visits Pakistan, Agrees to Jointly Prepare an Ambitious and Focused New Country Partnership Framework
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Maldives Economy Facing Challenges, Urgent Fiscal Reforms Required for Stability
The Maldives economy is expected to grow by 4.7% in 2024, lower than previous estimates, reflecting a moderation in growth momentum. The outlook faces potential risks due to external and fiscal vulnerabilities, and increased debt risks could arise if fiscal reforms are not implemented, says the World Bank in its twice-a-year update.
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World Bank Expands Leadership in USD SOFR Market with Second Transaction of 2024
The World Bank (International Bank for Reconstruction and Development, IBRD, Aaa/AAA) announced on May 8, 2024, the pricing of a USD 1.5 billion Sustainable Development Bond linked to the Secured Overnight Financing Rate (SOFR), maturing on May 15, 2028. The transaction garnered significant interest from investors, resulting in an order book of nearly USD 2.1 billion.
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Global Sovereign Debt Roundtable fosters understanding on debt sustainability
The Global Sovereign Debt Roundtable (GSDR), a collaborative platform for debtor countries and creditors, aims to foster a shared understanding of debt sustainability and restructuring challenges. The GSDR seeks to develop strategies to effectively address these issues.
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Digitrans Project Aims to Boost Digitalization in European MSMEs
The European Union's dual digital and green transitions, as well as enhancing competitiveness of the EU economy, depend on the widespread adoption and productive use of digital tools by firms. While the COVID-19 pandemic accelerated digitalization among companies, the gap between the most and least digitalized firms has expanded, threatening the collective progress towards achieving these goals. With digital technologies becoming increasingly accessible, the key to successful digitalization lies in the capacity of firms to leverage technology for productive use.
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Nepal Fiscal Federalism Update
May 7 2024The Nepal Fiscal Federalism Update is produced by the World Bank Group annually to report on the progress of fiscal federalism in Nepal. According to the report, it identifies gaps between the vision of fiscal federalism laid out in the 2015 Constitution and the current state of play.The update is intended for a wide audience, including policy makers of all three tiers of government, business leaders, the community of analysts and professionals engaged in the fiscal federalism debate, and the general public.This report serves as a crucial tool...
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World Bank approves Kosovo health project with $20 million in funding
The World Bank's Board of Executive Directors approved today the Kosovo Comprehensive Approach to Health System Strengthening Project (KOMPAS), which aims to strengthen institutional capacity and governance for quality of care in the Kosovo health system.
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About the Digitrans Project
The completion of a dual, digital, and green transformation in the European Union and the increase in the productivity of EU companies will depend on the broad implementation and productive use of digital tools by enterprises. The COVID-19 pandemic accelerated the digitization of companies but also deepened the gap between the most and least digitized companies. From the perspective of the entire economy, this poses a threat to the successful transformation. In an environment where digital technologies are becoming increasingly available, the key to effective digitization is...
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Funding a water-secure future: World Bank's report on global water spending and gaps
The World Bank's flagship report, "Funding a Water-Secure Future: An Assessment of Public Spending," breaks ground by quantifying, for the first time, government expenditure in the water sector and estimating the financing gaps crucial to meeting global water needs. Highlighting the vital role of water in sustaining life and fostering prosperity, the report is set against the backdrop of rising water insecurity, with billions lacking access to safe water and sanitation, compounded by climate change.
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Public asset managers cautious amid inflation and geopolitical uncertainties
Public Asset Managers remain cautious amid inflation and geopolitical uncertainties: Key Insights from the 20th Annual Executive Forum for Public Asset Managers
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World Bank Managing Director Visits Lebanon to Discuss Economic Recovery
BEIRUT, May 7, 2024 – World Bank Managing Director of Operations Anna Bjerde has arrived on a two-day visit to Lebanon to engage with stakeholders on the latest socio-economic developments in the country and reaffirm the World Bank’s strong support to Lebanon at a time of difficulty. She is accompanied by Ousmane Dione, the new Middle East and North Africa Vice President.During their visit, Bjerde and Dione will meet with Lebanese officials, development partners, and other stakeholder groups. Together with WFP Deputy Executive Director Carl Skau, they will meet with...
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World Bank Loan to Namibia Supports Renewable Energy Integration
Today, May 6, 2024, Namibia celebrates the approval of its first-ever World Bank financed energy project, aimed at enhancing the reliability of the country's transmission network and enabling increased integration of renewable energy into the electricity system.Satu Kahkonen, World Bank Country Director for Namibia, expressed the World Bank's support for Namibia's commitment to renewable energy, stating, “Namibia is a uniquely positioned regional leader in the transition towards a greener and more sustainable future. This project will support NamPower to develop future...
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Changes in Farm and Food Production Can Cut Greenhouse Emissions by a Third
WASHINGTON, May 6, 2024 – The global agrifood system has the potential to significantly reduce greenhouse gas emissions by almost a third through accessible and cost-effective measures, all while ensuring food security for a growing population. This revelation comes from a new World Bank report titled "Recipe for a Livable Planet: Achieving Net Zero Emissions in the Agrifood System."Axel van Trotsenburg, the World Bank Senior Managing Director, emphasized the impact of food production on climate change, stating, “While the food on your table may taste good, it is also a...