Latest News
World Bank approves $27 million for community-driven development in Kyrgyz Republic
By Globe Banner | Jul 31, 2024
The World Bank’s Board of Executive Directors has approved $27 million for the National Community Initiatives Project (NCIP) in the Kyrgyz Republic. The project aims to enhance access to socio-economic infrastructure and increase economic opportunities at the local level, with a focus on women and youth.
Nepal's multi-donor trust fund supports significant financial management reforms
By Globe Banner | Jul 30, 2024
The Nepal Public Financial Management Multi-Donor Trust Fund (PFM MDTF) was established in 2010 to enhance public financial management performance, transparency, and accountability in Nepal. The MDTF has been instrumental in supporting the government’s execution of various reforms.
World Bank launches multi-sectoral project for human capital development in Burundi
By Globe Banner | Jul 30, 2024
WASHINGTON, July 30, 2024 — A new World Bank-financed project focusing on nutrition, healthcare, and education aims to empower boys and girls in Burundi through improved access to quality services. The initiative is expected to benefit an estimated 13.2 million people over five years, including 1.9 million refugees and host communities.
Albania improves rural roads through World Bank-backed initiative
By Globe Banner | Jul 30, 2024
Albania's road network, spanning 15,000 kilometers, serves as a lifeline for communities, facilitating trade, access to services, and connectivity. Yet lack of funding left many rural roads and regional routes outside the national highway system in disrepair, threatening public safety and impeding economic activity. For years, many remote villages faced isolation because of such dilapidated roadways.
World Bank launches $205M initiative for climate preparedness in Comoros Madagascar Mozambique
By Globe Banner | Jul 30, 2024
Over six million people in Comoros, Madagascar, and Mozambique are set to benefit from a new World Bank regional program that will enhance Eastern and Southern African countries' financial preparedness to respond to climate shocks. The Regional Emergency Preparedness and Inclusive Recovery Program (REPAIR), approved today, will strengthen countries’ resilience against climate shocks and seek to attract $205 million in private capital to support these efforts in its first phase.
Toolkit launched for assessing suitability of plastic pollution measurement methods
By Globe Banner | Jul 30, 2024
In response to the plastic pollution crisis, numerous methodologies for quantifying plastic pollution have been developed. The breadth of these assessment methodologies can make it challenging for practitioners to determine which methods best suit their needs. The ‘Plastic Pollution Assessment Methodologies Suitability Toolkit’ (PLAST) has been designed to characterize and compare these methodologies, suggesting the most suitable options based on a user’s requirements. PLAST focuses on quantification assessments that determine the amounts of plastic pollution and provide...
World Bank approves policy operation supporting Ethiopia's economic reforms
By Globe Banner | Jul 30, 2024
The World Bank’s Board of Executive Directors has approved the Ethiopia First Sustainable and Inclusive Growth Development Policy Operation. This initiative supports home-grown reforms aimed at transitioning Ethiopia to a more inclusive economy, enhancing private sector contributions to growth, strengthening the financial sector, expanding trade options, and improving fiscal transparency. The operation includes a $1 billion grant and $500 million concessional credit from the International Development Association (IDA).
World Bank approves $125M grant supporting economic resilience in Somalia
By Globe Banner | Jul 30, 2024
NAIROBI, July 30, 2024 — The World Bank’s Board of Executive Directors has approved Development Policy Financing (DPF) that introduces for the first time drought index insurance to 180,000 of Somalia’s pastoralists, including 90,000 women.
World Bank Group appoints Radi Anguelova as Vice President for Human Resources
By Globe Banner | Jul 30, 2024
The World Bank Group has announced the appointment of Radoslava “Radi” Anguelova as Vice President for Human Resources, effective immediately. The announcement was made by World Bank Group President Ajay Banga on July 30, 2024.
World Bank appoints Sangbu Kim as first VP for digital transformation
By Globe Banner | Jul 30, 2024
World Bank Group President Ajay Banga announced today the appointment of Sangbu Kim as the World Bank’s first Vice President for Digital Transformation.
World Bank appoints Tania Meyer as new country manager for Cambodia
By Globe Banner | Jul 29, 2024
Phnom Penh, July 29, 2024—The World Bank has appointed Tania Meyer as its new Country Manager for Cambodia.
Efforts bolster food security amid desert locust crisis in South Sudan
By Globe Banner | Jul 29, 2024
Desert locusts are the most destructive migratory agricultural pests globally, with a small swarm capable of consuming as much food in one day as 35,000 people. The upsurge that began affecting South Sudan in April 2020 was driven by climate change and conflict. Two cyclones hit the Arabian Peninsula in 2018, preventing effective swarm control due to ongoing conflicts in Yemen and Somalia. By April 2020, 23 countries were affected. Swarms reached South Sudan in March 2020, damaging over 20,000 hectares of crops; insecurity and COVID-19 restrictions prevented a full damage...
World Bank approves $600 million for Türkiye's earthquake recovery
By Globe Banner | Jul 29, 2024
The World Bank Board has approved $600 million in financing to support the revival of micro enterprises destroyed or severely damaged by the earthquakes that struck Türkiye in February 2023.
World Bank approves $150 million boost for Azerbaijan's employment support program
By Globe Banner | Jul 29, 2024
The World Bank’s Board of Executive Directors has approved an additional $150 million in financing to expand the ongoing Azerbaijan Employment Support Project (AESP). The project aims to assist vulnerable populations, particularly internally displaced persons, women, youth, and the long-term unemployed, by promoting self-employment opportunities.
World Bank supports Serbia's real estate management with $32.5M loan
By Globe Banner | Jul 29, 2024
The World Bank’s Board of Executive Directors has approved a EUR30 million ($32.5 million equivalent) loan for the Second Real Estate Management Project, aimed at enhancing Serbia's real property management systems.
Pilot program launched in Lebanon supports economic empowerment for low-income households
By Globe Banner | Jul 26, 2024
BEIRUT, July 25, 2024 – The Ministry of Social Affairs, the René Moawad Foundation, and the World Bank launched today the Productive Economic Inclusion in Lebanon (PEIL) program. This pilot initiative aims to improve the livelihoods of 1,500 low-income Lebanese households who are current beneficiaries of the Emergency Social Safety Net Program (ESSNP). Funded by a $2.7 million grant from the Japan Social Development Fund, the PEIL program complements the ESSNP by providing services aimed at enhancing household income, welfare, and resilience.
World Bank highlights women's empowerment in Sub-Saharan Africa
By Globe Banner | Jul 26, 2024
Saying that women are vital to ending poverty is particularly relevant in Sub-Saharan Africa. Despite the devastating social and economic effects of the COVID-19 pandemic, women in Western and Central Africa have been challenging norms and stereotypes.
Mauritania's economy shows resilience amid global challenges but faces long-term structural issues
By Globe Banner | Jul 26, 2024
Nouakchott, July 26, 2024 – Despite a slowdown in economic growth in 2023, lower inflation and improved fiscal and external balances have helped strengthen Mauritania's macroeconomic stability. Although growth has moderated, it remains above the global average and that of Sub-Saharan Africa.
World Bank releases economic update on Mauritania’s slowdown
By Globe Banner | Jul 26, 2024
NOUAKCHOTT, July 26, 2024 - The World Bank has released the seventh edition of its Economic Update for Mauritania, highlighting a slowdown in economic growth in 2023 despite strengthened macroeconomic stability.
World Bank approves €599.1 million loan for green growth in Romania
By Globe Banner | Jul 25, 2024
The World Bank Group Board of Executive Directors approved a Development Policy Loan (DPL) for Romania amounting to €599.1 million. The Romania Fiscal Management and Green Growth DPL aims to strengthen the country's fiscal framework, promote green and inclusive growth, and stimulate private-sector investment.