News from June 2024
Burkina Faso urged to adopt reforms for sustainable economic transformation
By Globe Banner | Jun 28, 2024
The latest Country Economic Memorandum for Burkina Faso reveals that rapid economic growth over the past two decades has not resulted in the structural transformation needed for future success.
World Bank highlights need for improved public spending on healthcare in Uganda
By Globe Banner | Jun 28, 2024
The Ugandan economy remains resilient and is growing amid intensifying climate shocks and a challenging global environment. The outlook is positive, buoyed by diversified exports and investments in developing oil export infrastructure ahead of the start of oil production in 2025, according to the new World Bank Uganda Economic Update: Improving Public Spending on Health to Build Human Capital. The report notes that real gross domestic product (GDP) growth accelerated from 5.3% in FY22/23 to an estimated 6% in FY23/24. Low inflation and recovery of real income and employment...
World Bank launches two major economic reports for Burkina Faso
By Globe Banner | Jun 28, 2024
OUAGADOUGOU, June 27, 2024 – The World Bank today launched two significant economic reports for Burkina Faso: the Burkina Faso Economic Update and the Country Economic Memorandum (CEM).
NCUA issues prohibition orders against three individuals
By Globe Banner | Jun 28, 2024
The National Credit Union Administration (NCUA) issued one consent and two prohibition notices in June 2024, permanently prohibiting three individuals from participating in the affairs of any federally insured depository institution.
World Bank approves $1.5 billion financing to aid India's low-carbon transition
By Globe Banner | Jun 28, 2024
The World Bank’s Board of Executive Directors has approved $1.5 billion in financing to support India’s transition to low-carbon energy. The operation aims to develop a market for green hydrogen, scale up renewable energy, and stimulate finance for low-carbon investments.
World Bank appoints Dina Abu-Ghaida as new country manager for Yemen
By Globe Banner | Jun 28, 2024
The World Bank Group announced the appointment of Dina Abu-Ghaida as Country Manager for Yemen, a role aimed at unifying country-level leadership to support both public and private sector priorities. Based in Amman, Jordan, Abu-Ghaida will lead the institution’s engagement in Yemen, involving policy dialogue with government officials, civil society, the private sector, and development partners.
WTO members advance sixth review of SPS agreement amid rising trade concerns
By Globe Banner | Jun 28, 2024
Every four years, WTO members review their implementation of the SPS Agreement. The proposed process for the Sixth Review was discussed and adopted by members at an SPS Committee meeting in November 2023.
World Bank approves $300M loan for energy transition in China's Shaanxi province
By Globe Banner | Jun 28, 2024
The World Bank’s Board of Executive Directors has approved a US$300 million (€276.5 million) loan to support the transition to renewable and low-carbon energy sources in China’s Shaanxi province's heating sector. The project also aims to pilot a pricing reform program.
World Bank approves funding for resilient schools and economic recovery in Philippines
By Globe Banner | Jun 28, 2024
The World Bank's Board of Executive Directors has approved funding support for two government projects aimed at ensuring safer and more resilient schools, as well as strengthening economic recovery in the Philippines.
WTO signs MoU with Afreximbank for enhanced cooperation
By Globe Banner | Jun 28, 2024
The Memorandum of Understanding (MoU) was signed by World Trade Organization (WTO) Director-General Ngozi Okonjo-Iweala and African Export-Import Bank (Afreximbank) President Benedict Okey Oramah during the 9th Global Review of Aid for Trade, held from June 26-28 in Geneva. The agreement seeks to enhance cooperation between the two entities in food, trade, and fisheries sectors in Africa.
World Bank approves $650 million for Bangladesh's Bay Terminal development
By Globe Banner | Jun 28, 2024
Washington, June 28, 2024—The World Bank’s Board of Executive Directors today approved $650 million to help Bangladesh invest in infrastructure critical for developing the Bay Terminal deep seaport. This development aims to improve Bangladesh's global trade competitiveness and reduce import and export costs by increasing port operational efficiency and mobilizing private investment.
World Bank approves $110 million loan to improve healthcare in Armenia
By Globe Banner | Jun 28, 2024
Washington, June 28, 2024 — The World Bank’s Board of Executive Directors has approved a loan amounting to $110 million (EUR 102 million) to support the Enabling Universal Health Coverage Program for Armenia. This initiative aims to enhance the quality of primary health care, ensure accessible services nationwide, and increase the efficiency of government healthcare spending. It aligns with the Government of Armenia's Five Year Action Plan (2021-2026) and is part of the national Healthcare System Development Strategy.
World Bank approves $200M loan for sustainable fodder production in China's Gansu
By Globe Banner | Jun 28, 2024
The World Bank's Board of Executive Directors has approved a US$200 million (€186.5 million) loan aimed at enhancing productivity, reducing methane and other greenhouse gas (GHG) emissions, and improving climate resilience in the livestock sector of China's Gansu province.
EIF reports progress on aiding disadvantaged nations
By Globe Banner | Jun 28, 2024
Also attending the meeting were Djibouti's Minister of Commerce and Tourism, Mohamed Warsama Dirieh, Finland's WTO Ambassador Heidi Schroderus-Fox, who also chairs the EIF Steering Committee, Togo's WTO Ambassador and chair of the EIF Board, Kokou Yackoley Johnson, Djibouti's WTO Ambassador and Coordinator of the WTO LDC Group, Kadra Ahmed Hassan, and the EIF Executive Director Ratnakar Adhikari.
Finland commits EUR 700K to strengthen trade capacities of least developed countries
By Globe Banner | Jun 28, 2024
Finland has committed EUR 700,000 to the Enhanced Integrated Framework (EIF) Interim Facility, a mechanism designed to bridge the gap between the conclusion of Phase Two of the EIF and the establishment of a new multilateral support system for Least Developed Countries (LDCs). This interim facility aims to ensure continued assistance while discussions on a future support mechanism are underway within a taskforce at the World Trade Organization (WTO).
WTO concludes advanced course on economic analysis of trade policy
By Globe Banner | Jun 28, 2024
Participants received training on various aspects of trade data analysis, learning how to calculate trade flows and trade policy indicators, and conduct trade policy analysis and simulation. Hands-on exercises formed a significant part of the program, enabling participants to use statistical software to construct tariff profiles, build datasets, and conduct trade policy analysis. The objective was to deepen the participants' understanding of the impact of trade policy, with the ultimate aim of supporting more effective participation in trade negotiations.
Aid-for-Trade vital in seizing clean-energy transition opportunities says WTO
By Globe Banner | Jun 28, 2024
The report cites that clean energy adoption is surging, with energy sources such as wind, solar, hydropower, hydrogen, and nuclear power now generating nearly 40% of global electricity. This share is expected to rise at an accelerated pace as the cost of these technologies falls and economies ramp up action to meet their net-zero greenhouse gas emission targets. The report notes that this transition to clean energy presents an opportunity for developing economies and least-developed countries (LDCs) to expand trade volumes and achieve export diversification objectives.
WTO concludes Aid for Trade Global Review with focus on evolving needs
By Globe Banner | Jun 28, 2024
The Aid for Trade Global Review concluded on June 28, 2024, with a commitment to continue adapting to the changing needs of developing economies and least-developed countries (LDCs). The event focused on three main themes: food security, digital connectivity, and integrating trade into development agendas.
Lao PDR commits renewed efforts towards combating childhood malnutrition
By Globe Banner | Jun 27, 2024
At the Second Lao PDR Human Capital Summit today, the Lao government announced a renewed commitment to tackling malnutrition, recognizing that proper nutrition in a child’s first 1,000 days will determine a person’s intelligence and strength for life.
WTO reviews achievements at Global Review of Aid for Trade amid challenging times
By Globe Banner | Jun 27, 2024
Minister Symmonds, Secretary-General Cormann, Excellencies, Ladies and Gentlemen,