News from September 2024
World Bank partners with Qatar on global educational initiatives
By Globe Banner | Sep 13, 2024
The World Bank, Qatar, and the global foundation Education Above All have announced a partnership focused on expanding quality access to education worldwide. Successive global challenges in recent years have led to an increase in out-of-school children and youth and a massive global learning deficit. Countries are urgently seeking solutions and the needed finance to reverse current education trends. The agreements mark a key step in driving forward new partnerships that can expand impact for the global education agenda.
DG Okonjo-Iweala discusses global trade resilience with shipping industry leaders
By Globe Banner | Sep 12, 2024
The Director-General emphasized the resilience of global trade despite the challenges posed by the COVID-19 pandemic, climate issues, inflation, and geopolitical tensions. She acknowledged the industry's efforts to mitigate and navigate unexpected changes.
World Bank unveils strategy targeting job creation & climate resilience in Panama
By Globe Banner | Sep 12, 2024
The new 2024-2028 Country Partnership Framework (CPF) with the Republic of Panama aims to address three key areas, focusing on long-term economic growth and improving people's well-being.
Bulgaria renews partnership with World Bank Group focusing on sustainability
By Globe Banner | Sep 12, 2024
SOFIA, September 12, 2024—The World Bank Group’s Board of Executive Directors today discussed the new Country Partnership Framework (CPF) FY25-29 for Bulgaria, aiming at enhancing competitiveness and social inclusion while promoting a low-carbon and more sustainable economy.
WTO announces winner of 2024 essay award for young economists
By Globe Banner | Sep 12, 2024
The World Trade Organization (WTO) has announced Carlos Góes as the winner of the 2024 Essay Award for Young Economists. Góes's paper examines the mechanisms through which trade integration can lead to product innovation.
World Bank approves $6.39 million grant for reducing pollution in Black Sea
By Globe Banner | Sep 12, 2024
The World Bank has approved a $6.39 million grant from the Global Environment Facility (GEF) for the Blueing the Black Sea (BBSEA) GEF Regional Project. This initiative aims to assist governments and the private sector in Georgia, Moldova, Türkiye, and Ukraine in reducing pollution in the Black Sea. The United Nations Office for Project Services (UNOPS) will be the recipient and implementing entity of the project.
World Bank report highlights potential benefits of investing in healthy longevity
By Globe Banner | Sep 12, 2024
By 2050, one in three people will be over 60 years old. With bold action to promote healthy longevity, developing countries could save 150 million lives and extend millions more, according to a new World Bank report. Saved health care costs, healthier lifestyles, increased workforce productivity, and lower public expenditure on social services would also generate enormous economic value.
U.S. Congressman on Nigeria's imprisonment of former federal agent: 'they’re putting our relationship on the line'
By Globe Banner | Sep 12, 2024
U.S. Representative French Hill said that the Nigerian government is jeopardizing its relationship with the United States due to its treatment of Tigran Gambaryan, a former U.S. federal agent and current Binance employee. Hill shared his statement during a Foreign Affairs Committee hearing on September 11.
World Bank outlines new strategy for sustainable growth in Montenegro
By Globe Banner | Sep 12, 2024
The World Bank Group's Board of Executive Directors has discussed a new Country Partnership Framework (CPF) for Montenegro, covering the period from 2025 to 2029. This strategy is designed to support sustainable economic growth and enhance climate resilience as Montenegro continues its efforts toward European Union accession.
U.S. marks 23rd anniversary of Inter-American Democratic Charter amid democracy challenges
By Globe Banner | Sep 12, 2024
Ambassador Francisco O. Mora addressed a special session of the Council, marking the 23rd anniversary of the Inter-American Democratic Charter and the upcoming International Day of Democracy.
Nepal hosts second international conference focusing on resilient inclusive social protections
By Globe Banner | Sep 12, 2024
Global experts gather in Kathmandu to explore social protection's role in reducing poverty, building resilience, and investing in human capital.
Key role of WTO rules discussed at Public Forum
By Globe Banner | Sep 12, 2024
Nigeria's WTO Ambassador, Adamu Mohammed Abdulhamid, stated that Africa could significantly benefit from the WTO agreements' special and differential treatment provisions to enhance its digital trade capabilities. He emphasized that tailored technical assistance and capacity-building programs could help African governments improve their skillsets and reduce the gap in digital connectivity and infrastructure with the rest of the world. Ambassador Abdulhamid noted that increased technology transfer would make Africa's digitalization efforts more effective.
Steel industry leaders emphasize policy support for achieving green goals
By Globe Banner | Sep 12, 2024
The executives expressed confidence that the steel industry is on the right path towards achieving their carbon reduction goals but underlined the importance of having supportive policies in place, including on trade and common emissions measurement methodologies.
World Bank highlights need for investment in Liberia's energy sector
By Globe Banner | Sep 12, 2024
MONROVIA, September 12, 2024 - The World Bank released the fifth edition of its annual Liberia Economic Update today, titled "Powering Growth with Reliable, Affordable, and Sustainable Energy Access." The report provides a detailed analysis of recent economic developments in Liberia, emphasizing the critical role of reliable energy in promoting sustainable growth.
BusinessEurope urges proactive EU trade agenda in new legislative cycle
By Globe Banner | Sep 11, 2024
In a new paper published today, BusinessEurope has emphasized the need for the European Union to use the upcoming legislative cycle to revitalize its trade agenda. BusinessEurope Director General Markus J. Beyrer stated, “During the next institutional cycle, we call on EU leaders to adopt a trade agenda that is proactive, creative and forward-looking. To rebalance the focus placed in recent years on its defensive toolkit, the EU must develop an ambitious diversification strategy."
Harvard professor Jason Furman urges continued embrace of global trade
By Globe Banner | Sep 11, 2024
Jason Furman, Professor of Economic Policy at Harvard University, emphasized that globalization over the past 25 years has significantly improved human welfare. Despite a global population increase of two billion, more than one billion people have been lifted out of extreme poverty, leading to a 70% reduction in poverty worldwide. Key human development indicators like life expectancy, maternal mortality, and literacy have also seen remarkable gains. Mr. Furman attributed these improvements to economic globalization, including the movement of goods, services, capital, people,...
World Bank approves $70 million grant for climate resilience in Central African Republic
By Globe Banner | Sep 11, 2024
The World Bank has approved a US$70 million grant from the International Development Association (IDA) to enhance access to basic infrastructure and services and build climate resilience in cities across the Central African Republic.
WTO launches WEIDE fund for women exporters with $5 million UAE donation
By Globe Banner | Sep 11, 2024
DG Okonjo-Iweala announced the launch of the pilot phase for the Women Exporters in the Digital Economy (WEIDE) Fund, marking a significant step towards gender equality in trade and economic opportunities. “It brings me great joy today to launch the pilot phase of applications for the Women Exporters in the Digital Economy Fund. The WEIDE Fund represents a pivotal step forward in our collective journey towards gender equality in trade and economic opportunities,” she stated.
International bodies call for more inclusion of persons with disabilities in global trade
By Globe Banner | Sep 11, 2024
With approximately 15% of the global population living with disabilities, and 80% of them in developing economies, there is a growing demand for international trade policies that address their specific challenges and opportunities.
China initiates WTO dispute over Canadian surtax measures
By Globe Banner | Sep 11, 2024
China has initiated a dispute complaint against Canadian surtax measures, claiming they appear to be inconsistent with the most favoured nation principle enshrined in the General Agreement on Tariffs and Trade (GATT) 1994 and Canada's GATT schedule of customs duty concessions and commitments.