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India's solar energy potential is being harnessed through a partnership with KfW, which has provided EUR 1 billion in subsidized loans from 2017 to 2023.

World Bank reviews Nepal's human capital for economic growth

The World Bank Group has released the Nepal Human Capital Review (NHCR) as part of its global Human Capital Project. This initiative highlights the importance of investing in people to boost economic growth and prosperity through improved education, health, and nutrition. The review aims to understand why income inequalities persist and why many Nepalis remain in poverty.

Spain boosts financial pledge by nearly 40% for international development association

Spain has announced an early financial commitment of €400 million to the International Development Association (IDA), the World Bank's fund for low-income countries. This represents a 37% increase compared to the previous IDA replenishment cycle, highlighting Spain's ongoing dedication to sustainable development worldwide. With this contribution, Spain's total donations exceed €5 billion since IDA's inception.

NCUA board discusses cybersecurity threats and charter modernization initiatives

The National Credit Union Administration (NCUA) Board convened for its seventh open meeting of 2024, where members received updates on cybersecurity and charter modernization efforts. The briefings highlighted significant trends and challenges facing the credit union sector.

Cabo Verde advances toward becoming a West African digital hub

Cabo Verde is setting its sights on becoming a digital hub in West Africa, with significant investments aimed at modernizing public services and boosting the economy. The government has outlined plans to digitize 60% of public services by 2026, with aspirations to reach over 80% by 2030. Key initiatives include the Weblabs program, which educates nearly 14,000 students in digital fields, and Cabo Verde Digital's efforts to foster innovation among startups.

World Bank doubles agribusiness commitment amid strategic pivot

The World Bank Group has announced a significant shift in its approach to agribusiness, aiming to establish a comprehensive ecosystem for the industry.

World Bank doubles commitment in agribusiness aiming for $9 billion annually by 2030

The World Bank Group has announced a significant shift in its approach to agribusiness, aiming to create a comprehensive ecosystem for the industry. This new strategy will see the institution double its agri-finance and agribusiness commitments to $9 billion annually by 2030. The announcement comes as four key trends—climate change, financial innovations, digitalization, and solutions to fragmentation—are reshaping the agribusiness landscape.

World Bank Group partners with Austria for new Vienna Development Knowledge Center

Austria has been a long-standing partner of the World Bank Group (WBG), supporting various knowledge programs over the years. These programs have covered topics such as financial sector reform, investment climate, urban development, climate change, and water management. Recently, Austria supported the expansion of the WBG Vienna office into a significant operations hub for the Europe and Central Asia (ECA) region, which now hosts over 300 staff.

World Bank emphasizes need for increased investment in global water security

Axel van Trotsenburg, Senior Managing Director at the World Bank Group, addressed the pressing issue of water security at the "Financing Water Security: Increasing Investments to Close the Gap Between Water Demand and Supply" event. Van Trotsenburg highlighted that over 2.2 billion people lack access to safe drinking water, with 3.5 billion living without safely managed sanitation. He emphasized that these deficiencies affect public health, environmental sustainability, food security, and social stability.

World Bank outlines strategic shift towards sustainable growth in agriculture

Washington, DC – On October 23, 2024, World Bank Group President Ajay Banga delivered remarks at the "Agriculture and Food as an Engine of Sustainable Growth and Jobs" event during the 2024 World Bank Group Annual Meetings. Banga outlined a new strategic approach to agribusiness that leverages emerging shifts in agriculture to address global food demand projected to increase by 50 to 60 percent in the coming decades.

Global Sovereign Debt Roundtable reviews progress on debt restructuring

The Global Sovereign Debt Roundtable (GSDR) convened today in Washington, DC, to evaluate progress on enhancing debt restructuring processes and timelines. The discussions also focused on identifying priority areas for future work aimed at addressing debt vulnerabilities.

KfW report shows tougher credit conditions for German businesses

Banks in Germany have tightened their loan criteria for businesses during the third quarter, according to recent findings from the KfW ifo Credit Constraint Indicator.

World Bank suggests taxing harmful products could benefit Brazil's low-income families

Brazil is considering a strategic approach to taxation that could enhance public health and government revenue, according to a new policy note from the World Bank. The focus is on taxing tobacco, alcohol, and sugary drinks to reduce mortality rates.

World Bank's van Trotsenburg outlines four pillars for tackling climate crisis

By Globe Banner | Oct 22, 2024

Axel van Trotsenburg, Senior Managing Director, addressed the V20 Ministerial Dialogue XIII, emphasizing four key elements crucial to tackling the climate crisis and fostering sustainable growth. He began by highlighting the importance of solid national policies as foundational for building climate ambition. "They can set a clear direction of travel to redirect subsidies to be more effective," he stated.

World Bank launches global programs tackling major development issues

The World Bank Group has introduced a series of Global Challenge Programs (GCPs) designed to address significant development issues with increased efficiency and impact. These programs are a part of the Better Bank initiative, aiming to integrate public and private solutions to global challenges more effectively. The GCPs represent a strategic shift from minor adjustments to substantial innovation, targeting areas where the World Bank Group can make a notable difference.

World Bank highlights Panama's progress but stresses need for equity

Despite its status as a high-income country, Panama continues to grapple with significant inequality. The nation has made strides in reducing poverty and closing social gaps, yet challenges remain on the path to a more equitable society.

E+S Rück sees opportunity for growth amid rising reinsurance demands

E+S Rückversicherung AG, a subsidiary of Hannover Re, anticipates further price increases and improved terms and conditions in property and casualty reinsurance renewals for January 2025.

Morocco-World Bank partnership strengthens one year after Marrakech Annual Meetings

One year after the Marrakech Annual Meetings, the collaboration between Morocco and the World Bank continues to grow. The meetings in Marrakech gathered global leaders and representatives from various sectors to discuss critical issues such as climate change, debt management, employment, and gender equality. During these discussions, the World Bank revealed its plan to work towards a world free of poverty on a livable planet.

Global North's role in addressing climate risk in developing nations