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The National Whistleblower Center (NWC) has sent a letter to the Bureau of Consular Affairs, urging the United States to exert its utmost effort in securing the release of Tigran Gambaryan. Gambaryan, who serves as a compliance officer for Binance, has been detained in Nigeria for nearly three months.

World Bank approves substantial investment for rural water access in Pernambuco, Brazil

On May 17, 2024, the World Bank Board of Directors approved a significant new investment aimed at increasing access to water and sanitation for approximately one million people in rural Pernambuco, located in northeastern Brazil.

Efforts to conserve endangered species in the Amazon region

The Amazon region, renowned for its immense biodiversity, is home to 10% of the world's known species. This rich diversity contributes significantly to the ecosystem goods and services that form the foundation of the Amazon region's economies, offering access to food, water, housing, energy, and even medicines. It also plays a crucial role in climate regulation, soil erosion prevention and pollination - processes that maintain ecosystem functioning and help mitigate climate change impacts. However, these species are at risk due to threats such as habitat loss or...

World Bank approves action plan following inspection panel investigation in Bolivia

On May 16, 2024, the World Bank’s Board of Executive Directors approved a Management Action Plan in response to an independent Inspection Panel investigation of the Bolivia: Santa Cruz Road Corridor Connector Project (San Ignacio–San Jose). The Panel's investigation was prompted by a Request for Inspection filed on December 19, 2022, by four leaders of Chiquitano Indigenous People organizations in the Chiquitania region of eastern Bolivia.

World Bank approves $76.52m digital acceleration project in Espírito Santo

On May 17, 2024, the World Bank Board of Directors approved a project aimed at strengthening digital infrastructure resilience, modernizing emergency management, and improving digital public infrastructure in the State of Espírito Santo in Brazil. The initiative is designed to enhance the delivery of digital services and bolster the state's capacity to respond to climate-related disasters.

World Bank aids Bosnia and Herzegovina in public service reform

The World Bank has been instrumental in guiding Bosnia and Herzegovina (BiH) towards significant reforms in its health, education, and public administration sectors from 2018 to 2023. These changes aim to enhance the efficiency, effectiveness, and quality of public services for all citizens. They also seek to bolster economic development and accelerate the country's accession to the European Union (EU).

World Bank addresses global learning crisis exacerbated by COVID-19 pandemic

The global learning crisis has been exacerbated by the COVID-19 pandemic, pushing an additional 70 million people into poverty and causing a billion children to lose a year of school. Even three years later, the learning losses have not been fully recovered. It is believed that if a child cannot read with comprehension by age 10, their future prospects in education and career are significantly compromised.

World Bank Group commits to elevating women's economic empowerment

Esteemed guests, partners, and colleagues, it is a privilege to be present here tonight. As we stand together, we celebrate the spirit of women entrepreneurs and acknowledge the leaders who echo the World Bank Group's commitment to fostering diversity and inclusion within supply chains—a commitment that resonates deeply with all of us.

World Bank Group unveils new Country Partnership Framework with Jordan

The World Bank Group has unveiled a new Country Partnership Framework (CPF) with Jordan for the period of 2024-2029. This framework aims to create opportunities for the people of Jordan, with a focus on inclusive green growth. The key areas include improving private sector jobs, particularly for youth and women; enhancing human capital outcomes; and bolstering resilience and sustainability through green investments. The CPF emphasizes that achieving these goals requires the full engagement and economic participation of women and youth.

Economic update: Overcoming challenges for growth in Guinea-Bissau

In Guinea-Bissau, the path to economic growth and development is hampered by structural challenges that prevent the nation from realizing its full potential. The economy continues to be heavily reliant on raw cashew nut exports, which constitute approximately 90% of export value and serve as a source of income for about 80% of the population, primarily smallholder farmers. This dependency leaves Guinea-Bissau vulnerable to external shocks such as fluctuating international prices and adverse weather conditions like irregular rainfall or floods. In 2023, a difficult cashew...

External review launched into CAO's probe of IFC's investment in Bridge Academies

The Board of Executive Directors of the International Finance Corporation (IFC) announced on May 16, 2024, that they will commission an external firm to examine the circumstances surrounding the Compliance Advisor Ombudsman’s (CAO) investigation into IFC’s investment in Bridge International Academies. The CAO is IFC’s independent accountability mechanism and reports directly to the IFC Board.

World Bank report outlines prospects for Turkish Cypriot economy

On May 16, 2024, the World Bank released its latest Macroeconomic Monitoring Report titled 'Translating Opportunities into Shared Prosperity'. The report evaluates the recent economic performance of the Turkish Cypriot community, highlighting a significant recovery in 2023. The real GDP marginally exceeded the pre-pandemic level, backed by record Green Line crossings and trade.

Tanzania joins global initiative to reduce methane emissions

Nearly 60% of the waste in Dar es Salaam, Tanzania is food waste, which produces methane, a potent greenhouse gas. To address this issue, Tanzania is embarking on a journey to reduce methane emissions through collaborative efforts aimed at enhancing urban resilience and tackling climate change. The country will be included in a global methane initiative spearheaded by the World Bank, as part of its Climate Action Plan.

World Trade Organization announces Mauritius' acceptance of the agreement on fisheries subsidies

The World Trade Organization (WTO) has declared that Mauritius has officially accepted the Agreement on Fisheries Subsidies. The agreement seeks to ban harmful subsidies for fisheries, as these subsidies are identified as a contributing factor to the depletion of fish stocks.

World Trade Organization announces Cambodia’s acceptance of Agreement on Fisheries Subsidies

The World Trade Organization (WTO) has announced that Cambodia has formally accepted the Agreement on Fisheries Subsidies. This agreement seeks to prohibit harmful subsidies for fisheries, which are identified as a significant factor contributing to the depletion of fish stocks.

Canada Goose names new creative director

Toronto-based outerwear manufacturer, Canada Goose, has appointed Haider Ackermann as the company’s new creative director. Ackermann will operate from Paris, working closely with Chairman and CEO Dani Reiss.

World Bank releases comprehensive report on Djibouti's digital economy

The World Bank has unveiled a comprehensive report on Djibouti's digital economy, shedding light on the country's potential for growth and development in this sector. The report, titled "Djibouti Digital Economy Diagnostic," explores the challenges and opportunities present in Djibouti's digital landscape, underscoring the importance of digital infrastructure development, broadband access and affordability, and requisite digital skills for socio-economic advancement.

World Bank appoints Hugh Riddell as Country Manager for Kyrgyz Republic

The World Bank has appointed Hugh Riddell as its new Country Manager for the Kyrgyz Republic. Based in Bishkek, Riddell will spearhead the World Bank's engagement in the Kyrgyz Republic, encompassing policy dialogue with government officials, civil society, the private sector, and development partners. He will also manage the World Bank country team and oversee the successful implementation of the Country Partnership Framework.

Europe's struggle with climate disasters: A call for strategic investment in resilience

Europe is grappling with substantial losses and destruction resulting from climate-related disasters. From 1980 to 2022, weather and climate-related events across the EU resulted in total losses of approximately €650 billion, or around €15.5 billion per year. Recent catastrophes, such as the floods in 2022 and wildfires in 2023, have underscored the vulnerabilities of critical infrastructure, including emergency response buildings like fire stations, as well as roads and power lines.

World Bank issues $175 million catastrophe bond for Mexico's Pacific hurricane risk