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Greater Investment in Education Key to Driving Stronger Economic Growth, Economic Diversification
By Globe Banner | May 3, 2024
PORT MORESBY, May 2, 2024 – Papua New Guinea’s economy is forecast to accelerate in 2024 after a slowdown last year, yet greater investment in education is critical to the country’s longer-term economic future, a World Bank report released on Thursday says.According to the World Bank's Papua New Guinea Economic Update: Invest in Your Children report, the economic growth in Papua New Guinea is projected to rise to 4.8% this year from 2.7% in 2023 after the reopening of the Porgera gold mine. However, growth is expected to remain below its pre-pandemic trajectory.World...
Improving Education Infrastructure and Quality in Togo
By Globe Banner | May 3, 2024
Lavié Péniel, May 3, 2024 - "Before the construction of this new building, many children had abandoned our school because the classrooms were made of tree trunks, sheet metal and foliage, and provided no shelter from the rain. When it rained, we had to send them home and so the school day was cut short. Today, I am proud to have a school with a solid structure, one worthy of being called ‘school!’ Some students have gradually returned, and the number of students will increase further at the start of the next school year," said Dabitora Saguintaah-Tiwarka, the principal of...
NPCI International Payments Limited, Bank of Namibia create partnership to develop instant payment system
By Globe Banner | May 2, 2024
The National Payments Corporation of India (NPCI) has recently declared a collaboration with the Bank of Namibia (BoN). The purpose of this partnership is to assist the Bank of Namibia in establishing its own payment system.
World Bank Funds $68 Million Project in The Gambia to Boost Agricultural Productivity
By Globe Banner | May 2, 2024
The World Bank has approved a $68.00 million financing for The Gambia Inclusive and Resilient Agricultural Value Chain Development (GIRAV Project), with part of the funding coming from the International Development Association Crisis Response Window.Aifa Fatimata Ndoye Niane, Senior Agriculture Economist and Project Task Team Leader, highlighted the importance of the funding, stating, “This funding boost for GIRAV will address various critical needs: replenishing diverted resources, tackling food crises with climate-smart solutions, enhancing rural infrastructure for...
Afghanistan’s Economic Decline Continues but Private Sector Can Support Growth, Says World Bank
By Globe Banner | May 2, 2024
WASHINGTON, May 2, 2024—Afghanistan's economic outlook remains uncertain, with the threat of stagnation looming large until at least 2025, says the World Bank in its latest Afghanistan Development Update.The report, Navigating Challenges: Confronting Economic Recession and Deflation, notes that a 26 percent contraction in real GDP growth, coupled with declining external financing avenues for off-budget expenditures, paints a stark picture of Afghanistan’s economic prospects. Structural deficiencies in the private sector, together with waning international support for...
World Bank Announces New Strategy to Promote Green, Resilient and Inclusive Development in Jamaica
By Globe Banner | May 2, 2024
Washington, D.C., May 2, 2024 – The World Bank Group’s Board of Directors has endorsed a new strategic partnership for Jamaica aimed at promoting green, resilient, and inclusive development over the 2024-2027 period. The strategy focuses on advancing various aspects of development while also supporting the government's efforts towards debt reduction and fiscal resilience.Jamaica's Minister of Finance and the Public Service, Nigel Clarke, emphasized the importance of sustaining macroeconomic stability and fiscal sustainability while driving economic expansion. Clarke...
World Bank Launches Training Program on Post-Production in Film Industry to Create Jobs in Bangladesh
By Globe Banner | May 2, 2024
DHAKA, May 02, 2024 – The World Bank has initiated a training program titled 'PostPro TalentLab' aimed at providing aspiring professionals in Bangladesh with the necessary skills for post-production jobs in the film and content-making industry, both locally and internationally.Abdoulaye Seck, World Bank Country Director for Bangladesh and Bhutan, expressed optimism about the potential of Bangladesh in the global post-production industry, stating, “With our large youth population, Bangladesh has a promising future in the global post-production industry, if supported by the...
Realizing Education's Promise: Rebuilding Indonesia's Madrasahs and Returning Students to the Classroom After an Earthquake
By Globe Banner | May 1, 2024
On May 1, 2024, it was reported that Indonesia's Ministry of Religious Affairs had successfully rehabilitated 64 madrasahs in the Cianjur district of West Java, following a devastating earthquake in November 2022. The World Bank, in collaboration with the government, implemented the Realizing Education's Promise Project to restore a safe learning environment for more than 13,000 students affected by the disaster.Afi Suprapti, a kindergarten madrasah principal, expressed gratitude for the quick response and support received, stating, “When we heard about it, we were very...
What You Need to Know About CCDR Investment Estimates and the Role of the Private Sector
By Globe Banner | May 1, 2024
On May 1, 2024, the World Bank Group delved into the complexities of CCDR investment estimates and the pivotal role the private sector is expected to play in advancing climate finance goals.Discussing the findings from the completion of CCDRs covering 42 economies, experts highlighted the continued trend of larger climate-development financing needs in countries that have contributed least to global warming. Stéphane Hallegatte, David Groves, Camilla Knudsen, and Ammara Shariq emphasized the importance of international concessional finance for low and middle-income...
Papua New Guinea Urged to Increase Investment in Education to Address Human Capital Crisis
By Globe Banner | May 1, 2024
Papua New Guinea is facing a critical human capital crisis, as highlighted in the May 2024 edition of the Papua New Guinea Economic Update by the World Bank. The report emphasizes the urgent need for more substantial investments in education to secure the country's long-term economic future.The Economic Update forecasts a positive outlook for Papua New Guinea's economy in 2024, despite a slowdown experienced in the previous year. However, the report underscores the importance of prioritizing education to ensure sustainable growth and development in the nation.A...
NCUA Announces Registration Open for 2024 Diversity, Equity, and Inclusion Summit
By Globe Banner | May 1, 2024
Registration is now open for the National Credit Union Administration’s fifth summit focused on diversity, equity, and inclusion, scheduled to take place from July 9 to 11, 2024, at the Hilton Minneapolis in Minneapolis, Minn. The event aims to provide a platform for stakeholders to address and promote DEI principles within the credit union system and the NCUA.Chairman Todd M. Harper emphasized the importance of participation in this year's Summit, stating, "I encourage all stakeholders to participate in this year’s Summit, deepen their commitment to DEI principles, and...
New World Bank Report Urges Ghana to Bolster Health System Resilience in Face of Climate Change
By Globe Banner | Apr 30, 2024
A new World Bank report released today highlights the urgent need for Ghana to strengthen its health system in response to the challenges posed by climate change. Titled Climate and Health Vulnerability Assessment (CHVA) for Ghana, the report emphasizes the risks and gaps in the country's health sector and offers recommendations for policy actions to enhance resilience.The report points out that climate change in Ghana is leading to extreme weather events such as floods and droughts, resulting in food insecurity, injuries, and the risk of death for 2 million people. It...
Powerful Coalition Launched to Drive African Development, Fueled by IDA
By Globe Banner | Apr 30, 2024
On April 29 in Nairobi, Kenya, African leaders and finance ministers gathered to discuss economic reforms aimed at accelerating the continent's development. The summit, co-hosted by Kenya and the World Bank, highlighted Africa's potential for growth and transformation.Dr. William Ruto, President of Kenya, expressed the urgency for change, stating, “Our people and we, the leaders of Africa, are impatient for change and we want to transform the continent at this moment of tremendous opportunities.”Sellah Bogonko, CEO of Jacob’s Ladder, emphasized the importance of...
Costa Rica and the World Bank Group Renew Partnership to Promote More Inclusive and Sustainable Economic Growth
By Globe Banner | Apr 30, 2024
WASHINGTON, D.C., April 30, 2024 – The World Bank Group (WBG) and Costa Rica have renewed their partnership through the endorsement of the Costa Rica Country Partnership Framework 2024–2028. According to Nogui Acosta, Costa Rica’s Minister of Finance, the new strategy aims to promote private sector-led economic growth, strengthen human capital, and build resilience to various challenges.Acosta stated, “The partnership between Costa Rica and the World Bank underscores our commitment to more broad-based, sustainable growth. To preserve the country’s social contract and...
The World Bank Reinforces Its Support for the Development of Resilient Tourism and Blue Economy in Cabo Verde
By Globe Banner | Apr 30, 2024
WASHINGTON, April 30, 2024 - Today, the World Bank has approved a credit from the International Development Association in the amount of $30 million for the Second Additional Financing of the Resilient Tourism and Blue Economy Development Project in Cabo Verde, increasing the overall value of this project, initially approved in May 2022, to $75 million.This new funding emphasizes the importance of tourism and its connections to the blue economy. Its main goal is to support Cabo Verde's overarching strategies for sustainable tourism and the blue economy, as outlined in the...
World Bank and ARTF Provide Additional Financing to the Afghanistan Community Resilience and Livelihoods Project
By Globe Banner | Apr 30, 2024
WASHINGTON, April 30, 2024—The World Bank’s Board of Executive Directors approved a $84 million grant from the International Development Association for the Afghanistan Community Resilience and Livelihoods Project, which complements $70 million in additional financing from the Afghanistan Resilience Trust Fund.Melinda Good, World Bank Country Director for Afghanistan, expressed, "In the past 18 months, the project has laid the foundation for an effective service delivery platform and operational model at scale for delivering jobs, providing essential services and assets,...
NEPAL: Government, Development Partners Launch Public Expenditure and Financial Accountability Assessments
By Globe Banner | Apr 30, 2024
Nepal has a robust legislative and institutional framework for public financial management, but further reforms are needed to strengthen fiscal and budget outcomes to support green, resilient, and inclusive development, as stated in the third Public Expenditure and Financial Accountability (PEFA) Performance Assessment Reports.During the launch of the PEFA reports, Honorable Barsha Man Pun, Minister of Finance, emphasized the importance of public financial management, stating, “Public financial management has the power to change people's lives and livelihoods.” Minister...
Lao Economic Growth Remains Subdued Says World Bank Report
By Globe Banner | Apr 30, 2024
Economic growth in the Lao People's Democratic Republic (PDR) has been below 2019 levels and is expected to continue at a slow pace in 2024, according to a report released by the World Bank. The report, titled "Accelerating Reforms for Growth," highlights various factors contributing to the subdued growth in the country.The World Bank stated that Lao GDP grew by 3.7% in 2023, with positive contributions from sectors such as tourism, transport, logistics, and mining. However, challenges such as economic instability, low worker skills, out-migration of labor, and a...
World Bank Supports Armenia’s Green, Inclusive and Sustainable Development
By Globe Banner | Apr 29, 2024
Yerevan, April 25, 2024 - The World Bank’s Board of Executive Directors has approved a Development Policy Operation (DPO) in the amount of $116 million equivalent for Armenia to enable reforms aimed at promoting green, resilient, and inclusive development. The DPO includes loan financing from the International Bank for Reconstruction and Development (IBRD) in the amount of EUR 92.3 million ($100 million equivalent) and a grant from the Global Concessional Financing Facility (GCFF) in the amount of $16 million."This development policy operation supports a package of...
Building inclusive and resilient schools in Honduras
By Globe Banner | Apr 29, 2024
Darlin Elvir Gonzalez, a resident of Comayagua, Honduras, expressed her satisfaction with the inclusive features of the newly reconstructed Marcelino Pineda Elementary School, where her son attends. She stated, "I am pleased that the newly reconstructed Marcelino Pineda Elementary School, which my son attends, has included accessible features, such as ramps."According to a World Bank Disability Inclusion report on Latin America and the Caribbean, the situation for persons with disabilities in Honduras is challenging, with almost seven in ten households with disabilities...