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Suriname joins World Bank's International Development Association as 175th member
By Globe Banner | Oct 18, 2024
Suriname has officially joined the World Bank Group's International Development Association (IDA), becoming its 175th member. This development marks a notable step in Suriname's ongoing efforts to enhance its economic and environmental resilience.
Kingston waterfront redevelopment aims to enhance economy and community well-being
By Globe Banner | Oct 18, 2024
The World Bank and the Government of Jamaica have entered into a $12 million investment agreement aimed at revitalizing the Kingston waterfront. This initiative is expected to boost economic opportunities, improve quality of life, and attract private investments in Jamaica's capital.
World Bank plans extensive program at COP16 focusing on biodiversity
By Globe Banner | Oct 18, 2024
The World Bank has organized a series of events at the COP16 conference on biodiversity, scheduled to take place in Cali, Colombia from October 21 to November 1, 2024. The events will occur primarily in the Blue Zone and will follow Colombia time (COT - UTC/GMT -5 hours).
Pandemic Fund allocates $418M for global pandemic preparedness
By Globe Banner | Oct 18, 2024
The Pandemic Fund has approved $418 million in new grants to enhance pandemic preparedness in 40 countries across six regions. This marks the second round of funding, following a previous allocation of $128.89 million for five fast-tracked projects supporting ten countries affected by the mpox Public Health Emergency of International Concern. The total funding under this round amounts to $547 million, aiming to mobilize an additional $4 billion for pandemic prevention, preparedness, and response (PPR) investments.
World Bank approves $63M for post-hurricane recovery in St. Vincent & Grenadines
By Globe Banner | Oct 18, 2024
The World Bank has approved $63 million in financing to support recovery efforts in St. Vincent and the Grenadines after Hurricane Beryl caused widespread destruction in July 2024. The funding, provided by the International Development Association, aims to aid communities affected by the hurricane, which was the most powerful storm to hit the region since 1875.
World Bank boosts renewable energy projects in Haiti with $20 million grant
By Globe Banner | Oct 18, 2024
The World Bank has approved an additional $20 million in financing for the "Haiti: Renewable Energy for All Project." This funding, provided by the International Development Association, is intended to enhance renewable energy investments and improve electricity access across Haiti. The current state of Haiti's electricity sector presents a significant barrier to economic growth and effective emergency responses, with only 47.1 percent of the population having access to electricity as of 2021.
Women empowerment key for economic growth in South Asia
By Globe Banner | Oct 17, 2024
Across South Asia, stories of successful working women coexist with a troubling statistic: the region has one of the lowest female labor force participation rates globally. According to the World Bank’s latest South Asia Development Update: Women, Jobs and Growth, only 32 percent of working-age women are employed compared to 77 percent of men.
Economic outlook for Europe and Central Asia shows mixed results
By Globe Banner | Oct 17, 2024
Economic growth in the developing economies of Europe and Central Asia is projected to slow down to 3.3% in 2024, compared to 3.5% in 2023. This deceleration is largely attributed to economic slowdowns in the region's two largest economies, the Russian Federation and Türkiye. The primary drivers of growth are private consumption and supportive fiscal policies, though external demand remains weak due to sluggish economic growth among major trading partners like the European Union.
World Bank releases latest Nigeria Development Update
By Globe Banner | Oct 17, 2024
The Nigeria Development Update (NDU) is a biannual report series by the World Bank. The NDU evaluates recent economic and social developments and prospects in Nigeria, placing these within a longer-term and global context. It also offers an in-depth examination of selected economic and policy issues, as well as an analysis of Nigeria’s medium-term development challenges. The report targets a broad audience, including policymakers, business leaders, financial market participants, and analysts engaged in Nigeria's evolving economy.
International Development Association aids low-income nations through sustainable nature investments
By Globe Banner | Oct 17, 2024
In many low-income countries, nature serves as a path out of poverty. Sectors such as forestry, fishing, and ecotourism can create jobs, boost economies, and increase resilience to climate change if managed sustainably. However, these countries are also the most affected by the unprecedented loss of biodiversity today. The loss of just a few key ecosystem services could cost low-income countries 10% of their annual GDP by 2030. Many have begun to see recent development progress undermined by environmental degradation, pollution, and climate impacts.
World Bank predicts stable Albanian economy amid structural reform efforts
By Globe Banner | Oct 17, 2024
Albania's economic growth is projected to remain strong in 2024 at 3.3%, supported by private consumption, tourism, and construction. The World Bank's Western Balkans Regular Economic Report anticipates a slight acceleration to 3.4% in 2025.
World Bank reports progress on poverty reduction efforts in Tonga
By Globe Banner | Oct 17, 2024
The World Bank has released the Tonga Poverty and Equity Assessment, a report that examines poverty and inequality trends in Tonga from 2015 to 2021. The assessment, based on Household Income and Expenditure Surveys, provides insights into monetary poverty changes and offers future recommendations.
DEG receives kununu Top Company seal for third consecutive year
By Globe Banner | Oct 17, 2024
DEG has once again received the kununu Top Company seal, marking its third consecutive year earning this distinction.
IDA supports low-income countries' investments in sustainable nature management
By Globe Banner | Oct 17, 2024
For many low-income countries, nature offers a pathway out of poverty. Nature-based sectors such as forestry, fisheries, and ecotourism have the potential to create jobs, boost economies, and increase resilience to climate change if managed sustainably. However, these countries are also at risk from the current unprecedented loss of nature. Losing just a few key ecosystem services could result in a 10 percent GDP loss annually by 2030 for these nations. Recent development gains in many low-income countries are being undermined by nature degradation, pollution, and climate...
World Bank projects moderate economic growth acceleration in Western Balkans through 2025
By Globe Banner | Oct 17, 2024
Economic growth in the Western Balkans is anticipated to moderately accelerate through 2025, as per the latest report by the World Bank. The report suggests that increased consumption and investment, along with enhanced purchasing power, are key factors driving this growth.
German start-up investments rise significantly in Q3
By Globe Banner | Oct 17, 2024
In the third quarter of 2024, German start-ups experienced a resurgence in capital investment, with more than EUR 2 billion invested by both domestic and international providers.
World Bank highlights need for educational reform amid slowing economic growth
By Globe Banner | Oct 17, 2024
Economic growth in the developing economies of Europe and Central Asia is stabilizing after recent crises, according to the World Bank's Economic Update for the region. The report, released today, indicates that regional growth is expected to moderate to 3.3% this year from 3.5% in 2023, with a further slowdown to 2.6% anticipated in 2025.
Jordan expands national aid fund program amid rising needs
By Globe Banner | Oct 17, 2024
In the Middle East and North Africa, Jordan's National Aid Fund (NAF) Cash Transfer Program is seen as an effective initiative for improving lives and opportunities. Supported by the World Bank and other partners, it has expanded its reach and impact. The program is recognized for its innovation and collaborative efforts.
World Bank urges continuation of Nigerian economic reforms amid challenges
By Globe Banner | Oct 17, 2024
Since May 2023, Nigeria has undertaken substantial economic reforms aimed at stabilizing its economy. These efforts have led to modest growth, improved fiscal health, and increased foreign exchange reserves. However, the reforms have also brought short-term challenges for households and businesses. The World Bank's Nigeria Development Update Report, titled "Staying the Course: Progress Amid Pressing Challenges," emphasizes the importance of maintaining these policies while addressing structural issues to combat inflation and promote long-term investment, growth, and job...
Binance Announces Blockchain Week Dubai 2024
By Globe Banner | Oct 17, 2024
Binance has announced that its upcoming event, Binance Blockchain Week Dubai 2024, will take place on October 30-31. Themed "Momentum," the event will focus on the industry's progress since the previous gathering in Istanbul. Key developments in blockchain will be addressed on the main stage.