News from July 2024
Forest management project improves livelihoods in DRC
By Globe Banner | Jul 31, 2024
The Democratic Republic of the Congo (DRC) faces numerous challenges and opportunities, from its vast mineral resources to its expansive forests. These forests cover two-thirds of the country and are part of the Congo Basin, which houses the world's second-largest rainforest. Over half of DRC's population lives in rural areas, relying heavily on these forests for sustenance, often at the expense of environmental health.
Puerto Rico's GDP decreased by 2.5% amid rising imports
By Globe Banner | Jul 31, 2024
Real gross domestic product (GDP) for Puerto Rico decreased by 2.5 percent in 2022 after a 4.1 percent increase in 2021, according to statistics released by the U.S. Bureau of Economic Analysis. The decrease in real GDP was attributed to an increase in imports, as well as declines in private fixed investment and exports. However, personal consumption expenditures, private inventory investment, and government spending saw increases.
Puerto Rico's GDP decreased by 2.5% in the year of economic challenges
By Globe Banner | Jul 31, 2024
El producto interior bruto real (PIB) para Puerto Rico decreció 2.5 por ciento en 2022, luego de crecer 4.1 por ciento en 2021, de acuerdo con las estadísticas difundidas hoy por el Negociado de Análisis Económico de EE. UU. (BEA). El decrecimiento en el PIB real en 2022 reflejó un aumento en las importaciones —que son un elemento de resta en el cálculo del PIB— así como decrecimientos en la inversión privada en capital fijo y en las exportaciones. Los gastos de consumo personal, la inversión privada en inventarios y los gastos de gobierno aumentaron.
NCUA issues prohibition orders against two former credit union employees
By Globe Banner | Jul 31, 2024
The National Credit Union Administration (NCUA) has permanently prohibited two individuals from participating in the affairs of any federally insured depository institution as of July 2024.
EU challenges Chinese Taipei’s wind installation policies at WTO
By Globe Banner | Jul 31, 2024
The European Union has initiated a dispute complaint regarding Chinese Taipei’s wind installation measures. The EU asserts that the measures contain domestic content requirements, which are inconsistent with provisions under the World Trade Organization's (WTO) General Agreement on Tariffs and Trade, the Agreement on Trade-Related Investment Measures, and the General Agreement on Trade in Services.
World Bank approves $24 million grant for education in São Tomé and Príncipe
By Globe Banner | Jul 31, 2024
The World Bank Board of Directors has approved the Safeguarding Access to Fiscal and Educational Resources Project (SAFER) with a grant of $24 million from the International Development Association (IDA). This initiative aims to address the fiscal crisis in São Tomé and Príncipe, ensuring the continued delivery of education services amid ongoing challenges in the energy sector.
WTO launches new interactive tool for world trade statistics
By Globe Banner | Jul 31, 2024
The World Trade Organization (WTO) has introduced a new interactive tool, "World Trade Statistics 2023 — Key insights and trends," aimed at providing comprehensive data on global trade.
World Bank approves $27 million for community-driven development in Kyrgyz Republic
By Globe Banner | Jul 31, 2024
The World Bank’s Board of Executive Directors has approved $27 million for the National Community Initiatives Project (NCIP) in the Kyrgyz Republic. The project aims to enhance access to socio-economic infrastructure and increase economic opportunities at the local level, with a focus on women and youth.
Binance Charity, Children of Heroes host camp for Ukranian children
By Globe Banner | Jul 30, 2024
The nature camp included a certified psychological rehabilitation program for Ukrainian children who lost family members in the Russia-Ukraine war; Binance Charity supported the camp with a $50,000 donation. This announcement came in a July 29 blog post from Binance.
Nepal's multi-donor trust fund supports significant financial management reforms
By Globe Banner | Jul 30, 2024
The Nepal Public Financial Management Multi-Donor Trust Fund (PFM MDTF) was established in 2010 to enhance public financial management performance, transparency, and accountability in Nepal. The MDTF has been instrumental in supporting the government’s execution of various reforms.
World Bank launches multi-sectoral project for human capital development in Burundi
By Globe Banner | Jul 30, 2024
WASHINGTON, July 30, 2024 — A new World Bank-financed project focusing on nutrition, healthcare, and education aims to empower boys and girls in Burundi through improved access to quality services. The initiative is expected to benefit an estimated 13.2 million people over five years, including 1.9 million refugees and host communities.
Albania improves rural roads through World Bank-backed initiative
By Globe Banner | Jul 30, 2024
Albania's road network, spanning 15,000 kilometers, serves as a lifeline for communities, facilitating trade, access to services, and connectivity. Yet lack of funding left many rural roads and regional routes outside the national highway system in disrepair, threatening public safety and impeding economic activity. For years, many remote villages faced isolation because of such dilapidated roadways.
World Bank launches $205M initiative for climate preparedness in Comoros Madagascar Mozambique
By Globe Banner | Jul 30, 2024
Over six million people in Comoros, Madagascar, and Mozambique are set to benefit from a new World Bank regional program that will enhance Eastern and Southern African countries' financial preparedness to respond to climate shocks. The Regional Emergency Preparedness and Inclusive Recovery Program (REPAIR), approved today, will strengthen countries’ resilience against climate shocks and seek to attract $205 million in private capital to support these efforts in its first phase.
Toolkit launched for assessing suitability of plastic pollution measurement methods
By Globe Banner | Jul 30, 2024
In response to the plastic pollution crisis, numerous methodologies for quantifying plastic pollution have been developed. The breadth of these assessment methodologies can make it challenging for practitioners to determine which methods best suit their needs. The ‘Plastic Pollution Assessment Methodologies Suitability Toolkit’ (PLAST) has been designed to characterize and compare these methodologies, suggesting the most suitable options based on a user’s requirements. PLAST focuses on quantification assessments that determine the amounts of plastic pollution and provide...
World Bank approves policy operation supporting Ethiopia's economic reforms
By Globe Banner | Jul 30, 2024
The World Bank’s Board of Executive Directors has approved the Ethiopia First Sustainable and Inclusive Growth Development Policy Operation. This initiative supports home-grown reforms aimed at transitioning Ethiopia to a more inclusive economy, enhancing private sector contributions to growth, strengthening the financial sector, expanding trade options, and improving fiscal transparency. The operation includes a $1 billion grant and $500 million concessional credit from the International Development Association (IDA).
World Bank approves $125M grant supporting economic resilience in Somalia
By Globe Banner | Jul 30, 2024
NAIROBI, July 30, 2024 — The World Bank’s Board of Executive Directors has approved Development Policy Financing (DPF) that introduces for the first time drought index insurance to 180,000 of Somalia’s pastoralists, including 90,000 women.
World Bank Group appoints Radi Anguelova as Vice President for Human Resources
By Globe Banner | Jul 30, 2024
The World Bank Group has announced the appointment of Radoslava “Radi” Anguelova as Vice President for Human Resources, effective immediately. The announcement was made by World Bank Group President Ajay Banga on July 30, 2024.
World Bank appoints Sangbu Kim as first VP for digital transformation
By Globe Banner | Jul 30, 2024
World Bank Group President Ajay Banga announced today the appointment of Sangbu Kim as the World Bank’s first Vice President for Digital Transformation.
WTO releases annual report highlighting resilience and future direction
By Globe Banner | Jul 30, 2024
The World Trade Organization (WTO) has released its 2024 Annual Report, marking the organization's 30th anniversary. In an opening message, Director-General Ngozi Okonjo-Iweala emphasized the WTO's role in leveraging trade to enhance living standards, create better jobs, and promote sustainable development.
Starbucks receives 'worst' possible rating from Ethical Consumer for supply chain management
By Globe Banner | Jul 29, 2024
Ethical Consumer, a consumer advocacy organization, gave coffee giant Starbucks its "worst Ethical Consumer" rating for its supply chain management, echoing concerns expressed by vendors and employees for years.