News from May 2024
WTO official calls for inclusive trade policies at Lima event
By Globe Banner | May 16, 2024
Deputy Director-General Angela Ellard emphasized the importance of inclusive trade policies at a recent WTO Chairs Programme event in Lima, Peru. Speaking to an audience that included scholars and policymakers, Ellard highlighted the significance of fostering women's economic empowerment through international trade.
World Bank Group commits to elevating women's economic empowerment
By Globe Banner | May 16, 2024
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
By Globe Banner | May 16, 2024
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
By Globe Banner | May 16, 2024
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
By Globe Banner | May 16, 2024
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
By Globe Banner | May 16, 2024
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.
WTO official calls for APEC cooperation following key decisions at MC13
By Globe Banner | May 16, 2024
DDG Ellard urged APEC leaders to help turn MC13 progress into concrete outcomes on May 16, 2024. She noted that WTO members adopted several important decisions at MC13, particularly in relation to development. Significant progress was also made in areas including fisheries subsidies, dispute settlement reform, and agriculture. Members have identified four immediate priorities for future work.
Tanzania joins global initiative to reduce methane emissions
By Globe Banner | May 16, 2024
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
By Globe Banner | May 16, 2024
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
By Globe Banner | May 16, 2024
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
By Globe Banner | May 16, 2024
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
By Globe Banner | May 15, 2024
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
By Globe Banner | May 15, 2024
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
By Globe Banner | May 15, 2024
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.
Scheduled protests prompt caution for U.S. citizens in Bratislava
By Globe Banner | May 15, 2024
The U.S. Embassy has issued a notice to American citizens in Bratislava regarding scheduled protests on Wednesday, May 15th.
World Bank issues $175 million catastrophe bond for Mexico's Pacific hurricane risk
By Globe Banner | May 15, 2024
On May 15, 2024, the World Bank (International Bank for Reconstruction and Development, or IBRD) issued a new catastrophe bond to provide $175 million of additional insurance protection for the Government of Mexico against named storm events occurring on the Pacific side of Mexico. This issuance significantly expands Mexico’s coverage for Pacific hurricane risk from the recently expired $125 million catastrophe bond.
WTO members discuss proposals to boost technology transfer
By Globe Banner | May 15, 2024
Alejandro Roca Campaña from the World Intellectual Property Organization (WIPO) recently expressed his organization's willingness to enhance its collaboration with the World Trade Organization (WTO), utilizing its expertise in IP innovation to contribute to technology transfer discussions. The members of the Working Group showed their support for WIPO's request for observer status, in line with the mandate given by the Abu Dhabi Ministerial Declaration. This declaration urges the Working Group to continue collaborating with other relevant international organizations,...
World Bank supports Bosnia and Herzegovina's land administration modernization
By Globe Banner | May 15, 2024
The Federation of Bosnia and Herzegovina (FBiH) is set to modernize and enhance the accuracy and accessibility of its land administration data, thanks to a EUR 23.10 million World Bank loan approved for the Geospatial Infrastructure and Valuation Enhancement (GIVE) Project.
Brazil's golden grass crafts boost tourism in Jalapão
By Globe Banner | May 15, 2024
A small community in central Brazil, Mumbuca's quilombola, has gained recognition in the realms of tourism and design due to a native plant called golden grass. This plant is utilized to create accessories and decorative items, serving as both a source of income and pride for the Village's Association of Artisans and Extractors.
World Bank issues first CHF digital bond with Swiss National Bank and SIX Digital Exchange
By Globe Banner | May 15, 2024
The World Bank has collaborated with the Swiss National Bank (SNB) and SIX Digital Exchange (SDX) to issue its first CHF digital bond, marking a significant advancement in the digitalization of capital markets. The bond, which is valued at CHF 200 million and will mature over seven years, is the largest World Bank CHF bond issuance since 2009. It will be settled using Swiss Franc wholesale Central Bank Digital Currency (wCBDC), provided by the SNB.