News from 2024
WTO dispute settlement reform talks proceed with new facilitator
By Globe Banner | May 14, 2024
Ambassador Dwarka-Canabady, who was appointed as facilitator by members and announced by the General Council Chair on 18 April, has reported her consultations with 34 delegations and group coordinators. These groups represent more than two-thirds of the membership and have been consulted on how to advance the work on dispute settlement reform. In addition to these discussions, Ambassador Dwarka-Canabady also met with technical experts from member delegations.
Cooperation among Global South nations: A solution for digital skills gap
By Globe Banner | May 14, 2024
The concept of cooperation among nations in the Global South has proven to be a successful strategy, enabling developing economies to support each other through knowledge and technology transfers. This approach could potentially address the digital infrastructure gap and aid in building a highly skilled workforce, thereby preventing emerging countries from falling further behind.
Trade data reveal changing patterns in electric vehicle market
By Globe Banner | May 14, 2024
The electric vehicle (EV) market is undergoing a significant transformation, with EVs accounting for over a third of all car imports in value terms by the end of 2023. This radical shift is redefining the automotive industry and reshaping global trade in transport equipment.
World Bank Group debars Jordan-based firm over sanctionable practices
By Globe Banner | May 14, 2024
The World Bank Group has announced a 30-month debarment of Marseille for Engineering & Trading S.A.L. Offshore, a Jordan-based company offering engineering and consulting services. This action is connected to a sanctionable practice as part of the Emergency Operation for Development Project in the Republic of Iraq.
World Bank approves $130.8 million grant for Uganda road project
By Globe Banner | May 14, 2024
The World Bank has approved financing for the Roads and Bridges in the Refugee Hosting Districts/Koboko-Yumbe-Moyo Road Corridor Project (KYM project), which was announced on September 20, 2020. The KYM project is fully funded by a grant of $130.8 million from the World Bank's International Development Association (IDA) Window for Host Communities and Refugees (WHR). This marks the first road project worldwide to be financed through the WHR.
World Bank diagnostic report identifies key growth areas for Armenia
By Globe Banner | May 14, 2024
The World Bank has released its Second Systematic Country Diagnostic (SCD) for Armenia, titled “Beyond Boundaries: Unlocking Potential for a Sustainable Tomorrow”. The report revisits the first diagnostic published in 2017 and provides an updated analysis of the country's development challenges and opportunities.
Utilizing AI & Machine Learning for Improved Urban Planning: A Realization of Jacobs' Vision
By Globe Banner | May 14, 2024
In 1981, urban design expert Allan B. Jacobs noticed a significant detail while visiting a housing development in Tangshan, China - hand-made grates covering many windows and porches. This observation led him to comment that such grates would indicate to visitors in the United States that the neighborhood was considered unsafe. When his Chinese colleague confirmed the same interpretation for China, Jacobs pondered why urban planners did not utilize these simple visual clues to understand neighborhoods.
Mauritius formally accepts WTO's Agreement on Fisheries Subsidies
By Globe Banner | May 14, 2024
Director-General Okonjo-Iweala has expressed her approval of Mauritius's formal acceptance of the Agreement on Fisheries Subsidies, describing it as a "concrete demonstration of Mauritius's commitment to the WTO system and to global efforts to improve the sustainability of the world's marine fisheries." She highlighted that the fisheries sector has been a significant source of employment and exports for Mauritius and continues to play a vital role in its plans to develop its blue economy.
World Bank approves early childhood education project in Kosovo
By Globe Banner | May 14, 2024
On May 14, 2024, the World Bank's Board of Executive Directors approved the Early Childhood Education and Care for Kosovo's Human Capital Project. This initiative aims to enhance the quality and equitable access to early childhood education and care services in Kosovo.
Private sector invests $86B in infrastructure in low- to middle-income countries
By Globe Banner | May 14, 2024
New data from the World Bank reveals that private infrastructure investment in low- and middle-income countries reached $86 billion in 2023. This figure, while representing a 5% decline compared to 2022, is consistent with the average over the previous five years.
Ghana Used Clothing Dealers Association: waste within the country’s secondhand clothes sector lower than claimed
By Globe Banner | May 13, 2024
The Ghana Used Clothing Dealers Association has published a report indicating that less than 5% of secondhand clothing imported into the country qualifies as waste.
Climate adaptation key to sustainable growth in Benin: Report
By Globe Banner | May 13, 2024
According to the second edition of the Benin Economic Update Report, achieving sustainable and resilient economic growth in the coming decades will depend on efforts to adapt and finance climate investments. The report, titled "Adapting to climate change for sustainable, resilient economic growth," analyzes recent economic developments and presents the country's medium-term outlook.
World Bank report on Nepal's progress towards fiscal federalism
By Globe Banner | May 13, 2024
Nepal's progression towards fiscal federalism and public financial management has been marked by a moderate pace, according to the World Bank’s Nepal Fiscal Federalism Update 2024. The country's legal and institutional reforms at provincial and local levels have continued, albeit not as swiftly as anticipated.
World Bank Thailand announces youth economist contest for 2024
By Globe Banner | May 13, 2024
The World Bank Thailand has announced a contest aimed at young leaders and aspiring youth with a passion for development. The contest provides an opportunity to experience the work of a World Bank economist firsthand and contribute towards addressing some of Thailand's most pressing challenges.
US Embassy in Turkmenistan announces pre-solicitation notice for elevator maintenance
By Globe Banner | May 13, 2024
The Embassy of the United States in Turkmenistan has announced a pre-solicitation notice for elevator maintenance services under PR12561892.
Benin's economic forecast: Adapting to climate change for sustainable growth
By Globe Banner | May 13, 2024
Economic growth in Benin is expected to stabilize at 6.2% between 2024 and 2026, with an average per capita growth of 3.5%. This projection is largely driven by investment and the expansion of the Glo-Djigbé Industrial Zone (GDIZ).
IDA's pivotal role in the complex global aid architecture
By Globe Banner | May 13, 2024
Over the past 20 years, the global aid architecture has undergone significant transformation. Official financial flows (OFF) volume has seen a notable increase, particularly benefiting low-income countries. However, this shift has also led to a more complex and fragmented aid structure, with a noticeable decrease in concessional resources.
Lao PDR formally accepts WTO's Agreement on Fisheries Subsidies
By Globe Banner | May 13, 2024
The Lao People's Democratic Republic (Lao PDR) has formally accepted the Agreement on Fisheries Subsidies, as confirmed by Director-General Okonjo-Iweala and Ambassador Keomany.
NCUA Chairman Harper announces temporary leave for back surgery
By Globe Banner | May 13, 2024
On May 13, 2024, Todd M. Harper, Chairman of the National Credit Union Administration (NCUA), announced that he will be temporarily stepping away from his daily duties to undergo and recover from back surgery. In a message to the agency's employees, Harper said, “Many of you have likely heard me say on several occasions that if you don’t take care of yourself, you can’t take care of others."
Binance CEO: Nigerian government's detention of employee sets 'a dangerous new precedent for all companies worldwide'
By Globe Banner | May 13, 2024
Binance CEO, Richard Teng, has stated that the Nigerian government's invitation to Binance's Head of Financial Crime Compliance, Tigran Gambaryan, for policy meetings only to later detain him, has set a "dangerous new precedent" for all members of the global business community. Teng made this statement in a post on May 7 about Gambaryan, who has been held in Nigeria since February 26.