News from June 2024
Youth entrepreneurship programs foster job creation in Mozambique
By Globe Banner | Jun 6, 2024
Gaspar Sitóe, a young man from southern Mozambique, aspired to become an entrepreneur and create a clothing brand marketed through the tertiary industry. However, he lacked the necessary skills to start his venture. This changed in 2022 when he was selected for Agora Emprega, a World Bank-supported program designed to aid young entrepreneurs with grants and mentorship opportunities.
World Bank outlines strategies for sustained growth in Zambia
By Globe Banner | Jun 6, 2024
LUSAKA, June 6, 2024 – While Zambia’s economy is still recovering from the COVID-19 pandemic and a previous recession, a new Country Economic Monitor (CEM) report shows pathways that can support the country’s productivity to enhance economic transformation, create better jobs, and deliver sustained and inclusive growth.
Conference discusses Azerbaijan’s renewed efforts towards WTO membership
By Globe Banner | Jun 6, 2024
On June 6, 2024, a conference was held in Baku to discuss Azerbaijan's accession to the World Trade Organization (WTO). The event was hosted by Professor Adalat Jalal Muradov, Rector of the Azerbaijan State University of Economics. Attendees included representatives from the Government of Azerbaijan, the private sector, academia, and Ambassador Alparslan Acarsoy, Permanent Representative of Türkiye to the WTO and Chairperson of the Working Party on the Accession of Azerbaijan.
World Bank finds gaps in post-issuance reporting among emerging market green bond issuers
By Globe Banner | Jun 6, 2024
Washington, June 6, 2024: A new study by the World Bank, "Trends in Allocation and Impact Reporting: Ensuring Transparency in Emerging Market Sovereign Green, Social, and Sustainability Bonds," has found that emerging market sovereign issuers are publishing allocation and impact reports following the issuance of green, social, and sustainability (GSS) bonds. However, there is room for improvement to meet investor expectations. The report is based on a comprehensive analysis of GSS bond allocation and impact reports combined with surveys of public debt management offices and...
DG Okonjo-Iweala discusses WTO accession with Azerbaijani President Aliyev
By Globe Banner | Jun 6, 2024
In the final leg of her regional visit, which included stops in Kazakhstan and Uzbekistan, Director-General Okonjo-Iweala met with Azerbaijani President Ilham Aliyev to discuss the impact of WTO accession. The discussions focused on how the accession process could help Azerbaijan leverage its growth potential, particularly in green energy, the digital economy, and logistical infrastructure connecting Europe and Asia.
NCUA grants provisional charter to Fair Break Federal Credit Union
By Globe Banner | Jun 6, 2024
The National Credit Union Administration (NCUA) has granted a federal charter and Share Insurance Fund coverage to Fair Break Federal Credit Union in Memphis, Tennessee. This marks the second federal credit union to receive a charter under the NCUA’s provisional charter pilot initiative.
US promotes leadership among Ecuadorian youth through baseball initiative
By Globe Banner | Jun 6, 2024
The United States Mission in Ecuador has launched the "Pitching for Change" program, aimed at fostering leadership and cultural exchange among young people from vulnerable sectors through baseball.
Indonesian social forestry program empowers communities while protecting rainforests
By Globe Banner | Jun 5, 2024
Indonesia's tropical forests are a vital source of food, fuel, shelter, and employment for more than one-fifth of the country's population and a crucial resource in the fight against climate change. However, many communities that rely on the world’s third-largest tropical rainforest face economic challenges, including elevated poverty rates and limited opportunities to develop surrounding land.
Author: U.S. citizen detained in Nigeria is being 'denied proper medical treatment for malaria'
By Globe Banner | Jun 5, 2024
Andy Greenberg, author of "Tracers in the Dark," stated that Tigran Gambaryan, a former prominent cryptocurrency crime investigator for the U.S. federal government detained by the Nigerian Government since February, is not receiving adequate medical treatment for malaria. Greenberg shared his statement in a May 31 post about Gambaryan, who is currently the head of financial crime compliance for the cryptocurrency exchange Binance.
Central Asia forum discusses economic integration via WTO membership
By Globe Banner | Jun 5, 2024
The Second Central Asia Trade Policy Forum convened in Ashgabat, Turkmenistan, eight years after its inaugural session. Representatives from Azerbaijan, Kazakhstan, the Kyrgyz Republic, Tajikistan, Turkmenistan, and Uzbekistan gathered to discuss challenges in WTO accession negotiations and shared experiences in domestic coordination processes. Key topics included trade facilitation's potential impact on regional trade flows through the Middle Corridor and utilizing trade policy to achieve climate goals.
BusinessEurope calls for renewed focus on EU competitiveness amid slight growth forecast
By Globe Banner | Jun 5, 2024
With the European elections approaching, BusinessEurope has released its Spring Economic Outlook, advocating for a reboot in EU policymaking to enhance Europe’s competitiveness and strengthen its industrial base.
Kenya's economy grows despite challenges: World Bank report
By Globe Banner | Jun 5, 2024
Nairobi, June 5, 2024 — Kenya’s real GDP growth accelerated to 5.6% in 2023, surpassing the previous year’s growth of 4.9%. However, GDP growth in 2024 is expected to slow down to 5.0%, according to the latest Kenya Economic Update (KEU) launched today. The report attributes the 2023 growth to the recovery of the agriculture sector following improved weather conditions and significant contributions from tourism and financial services within the services sector.
Benin hosts steering committee meeting on WTO-FIFA cotton partnership initiative
By Globe Banner | Jun 5, 2024
Representatives from various international organizations convened in Benin for the multi-agency Steering Committee meeting of the WTO-FIFA “Partenariat pour le Coton” initiative. The participants included members from the African Export-Import Bank (AFREXIMBANK), Better Cotton Initiative (BCI), Cotton made in Africa (CMIA), FIFA, International Atomic Energy Agency (IAEA), International Cotton Advisory Committee (ICAC), International Finance Corporation (IFC), International Labour Organization (ILO), International Trade Centre (ITC), United Nations Industrial Development...
WTO highlights inclusive trade's role in clean energy transition on Environment Day
By Globe Banner | Jun 5, 2024
On June 5, 2024, the World Trade Organization (WTO) emphasized the importance of inclusive trade policies in facilitating the transition to clean energy during an event commemorating World Environment Day. The event, titled "Supporting the Transition to Clean Energy," offered a preview of an upcoming WTO publication that explores how Aid for Trade can unlock opportunities in the clean energy sector for developing and least developed countries (LDCs). This publication will be officially launched at the Global Review of Aid for Trade 2024.
WTO announces Central Asia trade policy forum and regional visit
By Globe Banner | Jun 4, 2024
The World Trade Organization (WTO) announced that Director-General Ngozi Okonjo-Iweala met with Kazakhstan's President Kassym-Jomart Tokayev and addressed the second Central Asia Trade Policy Forum in Almaty. The forum, organized by the WTO in collaboration with the Asian Development Bank and the International Trade Centre, marks the first leg of her visit to Kazakhstan, Uzbekistan, and Azerbaijan.
Philippines urged by World Bank: strengthen climate resilience for sustainable growth
By Globe Banner | Jun 4, 2024
The Philippines needs to intensify steps to bolster community resilience against the effects of climate change and extreme weather to minimize economic disruption and sustain inclusive growth, according to the World Bank’s Philippines Economic Update (PEU), released today.
Global shifts influence container port performance; Asian ports dominate rankings
By Globe Banner | Jun 4, 2024
The latest global Container Port Performance Index (CPPI) indicates that East and Southeast Asian ports excelled in 2023, securing 13 of the top 20 positions. The CPPI, developed by the World Bank and S&P Global Market Intelligence, is based on extensive data from over 182,000 vessel calls, 238.2 million moves, and approximately 381 million twenty-foot equivalents (TEUs) for the full calendar year of 2023.
WHO-WIPO-WTO webinar opens registration for discussion on IP rights in healthcare
By Globe Banner | Jun 4, 2024
Registration has opened for the 5th WHO-WIPO-WTO Trilateral Cooperation Technical Webinar, scheduled to take place on June 20, 2024. The event will run from 1:30 pm to 3:15 pm (Geneva time) and will be hosted virtually by WIPO in English. Interested participants can register online until June 19 at noon (Geneva time).
EU challenges Colombian duties on frozen fries at WTO
By Globe Banner | Jun 4, 2024
The European Union has initiated compliance proceedings over Colombian duties on frozen fries, alleging that Colombia's methodologies for calculating dumping are flawed and inconsistent with the World Trade Organization's (WTO) Anti-Dumping Agreement. The EU made this request for consultations under Article 21.5 of the Dispute Settlement Understanding (DSU).
World Bank reports analyze global impact of government subsidies
By Globe Banner | Jun 4, 2024
Governments worldwide are increasingly deploying subsidies to secure supplies of vital materials and components, reduce greenhouse gas emissions, or promote advanced technology. Some of these programs can distort trade and confer an advantage on domestic producers over foreign competitors. The World Bank, in partnership with other international organizations, is collecting data and conducting analysis on the extent, types, and objectives of government subsidies as well as their effects on trade. The purpose is to advance international dialogue on how the global, rules-based...